Moody's: Goodman notes Baa3

Moody's Investors Service said it assigned a Baa3 long-term rating to Goodman Funding Pty Ltd.'s $500 million 144A notes issuance.

The outlook is positive.

The rating reflects Goodman's solid market position and brand name as the largest owner of good-quality industrial properties in Australia, the agency said.

The ratings also consider its stabilizing outlook for sector fundamentals and robust liquidity, Moody's added.

The positive outlook reflects an expectation that Goodman's leverage position will continue to improve as it executes its strategy and that the operating environment continues to improve in all of its geographies, the agency said.

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