Moody's rates Brookfield notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Brookfield Property REIT Inc.'s proposed $750 million senior secured note due 2026 to be issued by Brookfield and its subsidiaries.

The proceeds will be used to repay the outstanding balance on the revolving credit facility and term loans.

Moody's also said it affirmed the company's corporate family rating at Ba2 and the existing bank credit facilities, including the revolving credit facility and term loans at Ba3.

Moody's also said it assigned a speculative grade liquidity rating of SGL-3.

The outlook is stable.

The ratings are based on the Brookfield REIT's strong operating performance and an expectation that de-leveraging will continue, albeit at a slower pace, than originally anticipated, Moody's said.

The ratings incorporate an expectation that Brookfield will reduce its corporate-level debt over time with excess cash flow and proceeds from asset sales, joint ventures and asset-level refinancing, the agency said.

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