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Moody's affirms Wesfarmers
Moody's Investors Service said it affirmed the Baa1 senior unsecured rating and prime-2 short-term rating of Wesfarmers Ltd. following news of the company's plans for a rights issue to partially repay the bridging finance in relation to the Coles Group acquisition.
The outlook remains stable.
While the issuance is positive for the rating and provides Wesfarmers with a wider margin of flexibility within its rating, the company continues to carry significant execution and integration risk related to Coles' businesses, the agency said.
On the other hand, the current uplift in coal prices is well-timed and is likely to offset the impact from credit margin increases, Moody's added.
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