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Moody's may cut Westfield
Moody's Investors Service said it placed Westfield Group's A2 senior unsecured rating and prime-1 short-term rating on review for possible downgrade.
The review was prompted by news that Westfield Group intends to undertake an on-market buyback of securities for up to 10% of its issued capital. This equates to circa A$2 billion, if implemented in full, Moody's said.
Although Westfield has a number of strategic transactions in train that provide it with capital to initiate a share-buyback, the application of such capital raising to shareholder-friendly measures rather than direct debt reduction or recycling into other income producing assets represents a weakening of debt-holders interests, the agency said.
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