Moody's: Westfield notes A2

Moody's Investors Service said it assigned a senior unsecured rating of A2 to Westfield Group's $1 billion in 144A notes due May 10, 2021.

The outlook is stable.

The notes are issued by wholly-owned subsidiary, WEA Finance LLC and are unconditionally guaranteed by Westfield Holdings Ltd., Westfield Management Ltd. and Westfield America Management Ltd. and certain other subsidiaries.

The notes will rank pari passu with the guarantors' other existing senior unsecured debt.

The proceeds will be used to repay borrowings under the group's revolving credit facilities.

Westfield's A2 and prime-1 ratings reflect the group's solid market position, given its ownership of a diverse portfolio of high-quality retail properties, Moody's said. This has allowed the group to generate relatively stable operating income, the agency said.

The ratings also consider the group's solid liquidity profile and proven ability to access capital, Moody's said.

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