Moody's ups Goodman Group

Moody's Investors Service said it upgraded Goodman Group's issuer and senior unsecured ratings to Baa2 from Baa3.

The subordinated rating on Goodman's hybrid securities also was raised to Ba1 from Ba2.

The outlook is stable.

The ratings reflect continued progress made by Goodman in creating a sustainable, long-term and prudent business platform, Moody's said.

The ratings also consider an expectation that Goodman's financial as well as business profile will be sustained in its current form, the agency said.

Moody's said it expects that Goodman will maintain gearing at present levels, consistent with its demonstrated progress in de-risking its business model via lower gearing and a less aggressive approach to its development activities.

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