S&P upgrades Westfield

S&P said it raised the long-term issuer credit ratings on Westfield Corp. to A from BBB+.

The agency also said it removed the ratings from CreditWatch with positive implications, where they were placed in December.

The outlook is stable.

S&P said it raised the ratings on Westfield because it is now considered to be a core subsidiary of Unibail-Rodamco SE since the successful close of its acquisition of Westfield.

The upgraded rating now reflects the group credit profile and the A long-term issuer credit rating on its parent, Unibail-Rodamco, the agency said.

Westfield will now operate as a wholly owned subsidiary of Unibail-Rodamco and its earnings will represent about 30% of consolidated group earnings, S&P added.

The transaction creates the second-largest retail real estate owner worldwide, the agency noted.

Unibail-Rodamco is Europe's largest listed REIT and has a dominant position in continental Europe, S&P said.

Tempering these strengths is the group's exposure to more cyclical activities, the agency said.

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