Moody's lowers Unibail-Rodamco view to negative

Moody's Investors Service said it changed to negative from stable the outlook of Unibail-Rodamco SE (Unibail).

All of the company's long-term issuer ratings, senior unsecured bond ratings and senior unsecured medium-term notes ratings of Unibail-Rodamco, Rodamco Europe Finance BV, Rodamco Sverige AB, WFD Trust and WEA Finance LLC also were affirmed A2.

The junior subordinate ratings of Unibail-Rodamco were affirmed at Baa1.

Following the completion of the merger with Westfield in 2018, the combined group of Unibail and Westfield Corp. is the largest shopping center landlord in Europe and one of the three largest shopping center landlords worldwide, Moody's explained.

The outlook change reflects uncertainties around the ability of the combined company to decrease leverage in line with expectations, the agency said.

The ratings recognize the company's strong position and asset quality, as well as a track record to dispose assets largely at a premium to book value, Moody's said.

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