S&P puts Westfield on positive watch

S&P said it placed its BBB+ long-term corporate credit and issue ratings on Westfield Corp. and the company's debt on CreditWatch with positive implications.

The agency said it placed the ratings on Westfield on CreditWatch with positive implications because it considers the company is likely be a core subsidiary of Unibail-Rodamco SE if the latter is successful in acquiring Westfield.

Unibail-Rodamco has made a €13.8 billion offer to acquire Westfield, S&P said.

Should the transaction be completed in its current form, the agency said it regards Westfield as a core subsidiary of the Unibail-Rodamco group, the agency said.

The potential transaction would create the second-largest retail real estate owner worldwide, S&P said.

The agency said it understands Unibail-Rodamco's intention is to fully integrate Westfield as a core subsidiary that would be part of Unibail-Rodamco's current identity and future strategy.

S&P said it will seek to resolve the CreditWatch upon successful closing of the proposed transaction.

If the proposed transaction is successful in its current form, the agency said it would likely raise the ratings on Westfield to A, equalizing the ratings to that on Unibail-Rodamco.

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