S&P upgrades Goodman Group

S&P said it raised its long-term corporate credit rating and related issue ratings on Goodman Group to BBB+ from BBB and removed the ratings from CreditWatch with positive implications, where they were placed on May 12.

The outlook on the long-term rating is stable.

“We raised the ratings on Goodman to reflect our expectation that the company's lower target gearing range will strengthen the company's credit metrics compared with our previous expectations. Goodman has revised its gearing range to 0%-25% from 25%-35%, which typically equates to look-through gearing of 10%-35%,” S&P said in a news release.

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