Reds exercise Phillips' option, decline Cordero

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CINCINNATI (AP) -- The Reds have exercised second baseman Brandon Phillips' contract option for 2012, but declined a $12 million option to keep closer Francisco Cordero for one more season.

The Reds also lost left-hander Matt Maloney, who was claimed off waivers by Minnesota on Monday.

Phillips batted .300 with 18 homers, 82 RBIs and six errors last season, when he became an All-Star for the second time. The two-time Gold Glove winner finished second to Pittsburgh's Neil Walker in fielding percentage by a second baseman. Cincinnati picked up his $12 million option for 2012.

They paid a $1 million buyout to Cordero, who was 37 of 43 in save chances. He ranks 12th with 327 career saves.