Fitch affirms Westfield

Fitch Ratings said it affirmed Westfield Group's long-term issuer default rating at A- and senior unsecured rating at A-.

The outlook is stable.

The ratings consider the company's improved business model as it increases its exposure to property management activities while reducing its direct ownership of assets following the divestment of about 50% of Westfield's Australian and New Zealand property assets in 2010, Fitch said.

Reduced earnings volatility, a moderation in capital expenditure requirements and improved leverage were some of the benefits of this transition, which are increasingly apparent, the agency said.

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