Moody’s upgrades Westfield

Moody's Investors Service said it upgraded Westfield Corp.'s issuer rating to A2 from A3.

Westfield's P-2 short-term issuer rating was withdrawn.

The outlook is stable.

The agency said the action follows Unibail-Rodamco SE's acquisition of Westfield and the execution of cross-guarantee agreements whereby Unibail entities guarantee the senior unsecured debt issued by the Westfield companies and vice versa.

Moody’s said it expects that the combined group's leverage will decline to 40% in the next two years and its fixed charge coverage will improve to least 4 times, both metrics based on the proportionate consolidation of the group's interests in joint ventures.

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