Moody’s revises Westfield to negative

Moody's Investors Service said it affirmed Westfield Corp.’s A3 issuer rating and P-2 short-term rating and revised the outlook to negative.

In the same action, the agency affirmed the A3 senior unsecured debt ratings of WEA Finance LLC and Westfield UK and Europe Finance plc.

Moody’s said the negative outlook reflects Moody’s expectation that net debt to EBITDA will likely remain weak versus similarly rated U.S. peers over the medium-term and the firm's exposure to development projects will remain high.

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