S&P assigns Scentre program

Standard & Poor's said it assigned it’s A credit rating to Scentre Group's €10 billion euro medium-term note program.

The notes issued under the program will rank pari passu with Scentre's other senior unsecured debt.

The issuing entities are Scentre Group Trust 1, Scentre Group Trust 2 and RE (NZ) Finance Ltd.

This follows the recent merger of Westfield Retail Trust with the Australian and New Zealand assets and operating platform of Westfield Group. Scentre Group has an asset base of A$28.6 billion and a development pipeline of A$3 billion (Scentre's share: A$2 billion).

S&P said the A rating with stable outlook on Scentre reflects the expectation that it will maintain its "excellent" business profile through a measured redevelopment of its shopping center portfolio that will enable the group to maintain superior asset quality and operating stability.

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