Moody's upgrades Dexus

Moody's Investors Service said it upgraded the issuer rating of Dexus Property Group and the senior unsecured ratings of Dexus Property, Dexus Diversified Trust and Dexus Finance Pty Ltd. to A3 from Baa1.

The agency also upgraded the medium-term note program rating under Dexus Finance to provisional A3 from provisional Baa1 and affirmed its provisional P-2 medium-term note program rating.

The outlook was revised to stable from developing.

"The upgrade to A3 reflects Dexus' strengthened credit profile following the successful completion of the acquisition of Commonwealth Office Property Fund (CPA)," Moody's vice president and senior analyst Maurice O'Connell said in a news release, adding, "the rating also incorporates Moody's expectation that Dexus will exhibit a more stable business profile going forward following the repositioning out of the U.S industrial market and into Australian CBD office."

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