Moody’s rates Vicinity Centres program A2

Moody's Investors Service said it assigned a provisional A2 rating to the €2 billion medium-term note program of Vicinity Centres RE Ltd. as responsible entity for Vicinity Centres Trust.

At the same time, the agency assigned an A2 senior unsecured rating to the inaugural issuance under the program, totaling £350 million. The notes are guaranteed by Vicinity Ltd. and Vicinity Funds RE Ltd. as responsible entity of Vicinity NVN Trust.

Moody’s said the provisional A2 medium-term note program rating reflects Vicinity's strong market position in the Australian retail property sector, following its creation with the merger of Novion Property Group and Federation Centres in June 2015.

At the same time, the rating recognizes the real estate investment trust's stable and predictable level of operating income, as well as its extensive and diversified portfolio of predominantly regional and sub-regional retail shopping centers in Australia, the agency said.

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