Fitch applies BBB+ to Westfield

Fitch Ratings said it assigned Australia-listed real estate investment trust Westfield Corp. a long-term foreign currency issuer default rating and a senior unsecured rating of BBB+.

The outlook is stable.

Westfield was one of two new independent companies formed on June 30, 2014 after the former Westfield Group was restructured.

Fitch said the ratings reflect Westfield's credit strengths including steady cash flows from its large and well-diversified portfolio of retail centers located mostly in the U.S. and U.K., its large scale with A$18.51 billion in total assets as of June 30, 2014, and its management's track record in originating and managing high-quality retail assets.

The ratings are constrained by Westfield's high FFO-adjusted net leverage and a weak ratio of unencumbered assets to unsecured debt when compared to BBB+ rated peers.

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