Moody's rates Goodman notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term rating to Goodman Funding Pty Ltd.'s $325 million 144A notes issuance.

The outlook is stable.

The rating reflects Goodman's solid market position and brand name as the largest owner of good-quality industrial properties in Australia, with material interests in Continental Europe and the United Kingdom, a stabilizing outlook for sector fundamentals and robust liquidity, Moody's said.

The rating additionally reflects Goodman's leverage metrics, which remain elevated on a look-through basis, the agency said.

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