S&P downgrades Westfield

Standard & Poor's said it lowered its long-term corporate credit rating on Australian real estate investment trust Westfield Group to BBB+ from A-.

At the same time, the agency affirmed the A-2 short-term corporate credit rating.

The outlook is stable.

S&P also lowered its long-term corporate credit rating on Westfield Retail Trust to A from A+ and affirmed the short-term rating at A-1.

The ratings were removed from CreditWatch with negative implications, where they were initially placed on Dec. 4, 2013.

S&P also raised the ratings on Westfield Holdings Ltd. and Westfield Trust to A/A-1 from A-/A-2, so that the ratings are now in line with that of their newly formed entity, Scentre Group (A/stable/A-1).

S&P said the downgrade is line with its indications provided on April 17 following progress on Westfield's demerger of its Australian and New Zealand assets with Westfield Retail Trust (now called Scentre Group).

The merger was implemented on June 30.

The remaining Westfield portfolio will comprise assets located in the U.S., U.K., and Italy, and is now called Westfield Corp. Ltd., a newly listed Australian entity.

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