Fitch affirms Westfield

Fitch Ratings said it removed the Rating Watch negative from Westfield Group's long-term issuer default rating and affirmed its issuer default rating and senior unsecured ratings at A-.

Westfield's issuer default rating was put on Rating Watch negative in November, following news that the issuer was proposing a restructure that would result in the establishment of a newly listed entity, Westfield Retail Trust, through the distribution of existing Westfield capital.

This transaction was approved and will now progress to completion by the end of 2010, Fitch said.

The remaining Westfield assets will represent a stronger geographic concentration in markets that have in recent years experienced greater economic and property market stress, the agency said.

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