S&P: Goodman Group stable

Standard & Poor's said it affirmed its BBB long-term corporate credit and debt issue ratings on Goodman Group and revised the outlook to stable from negative.

"The outlook revision is partly based on GMG having decreased its gearing and improved its cash flow protection metrics," S&P credit analyst Craig Parker said in a news release. "GMG has progressively reduced its ownership in its cornerstone funds via equity dilution and actively introducing new equity partners."

S&P said the rating on GMG reflects its opinion of the group's solid Australasian market position and growing presence in Europe and Asia, stable rental income, and track record of accessing third-party capital to expand and support its investment and funds-management activities.

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