Moody's affirms Goodman

Moody's Investors Service said it affirmed the Baa3 issuer and senior unsecured ratings to the Goodman Group.

The outlook was changed to positive from stable.

The outlook change reflects the progress Goodman has made in de-risking its business model via reduced gearing, a more conservative approach with respect to its development activities, improved liquidity and extended debt maturity at both the headstock and lookthrough level, Moody's said.

Underlying performance is strong with high occupancy levels of 95% and managed property portfolios and steady recovery in development earnings, the agency said.

The positive outlook reflects Goodman's adoption of a more conservative business model in relation to its development activities, Moody's added.

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