Fitch assigns Scentre notes BBB+

Fitch Ratings said it assigned a BBB+ rating to the $1.5 billion of 4.75% and $1.5 billion of 5.125% subordinated hybrid notes due 2080 issued by RE1 Ltd. for Scentre Group Trust 2.

Scentre Group Ltd. and Scentre Management Ltd. will guarantee the notes. The 4.75% notes are callable after six years and the 5.125% notes after 10.

The notes are rated two notches under Scentre’s issuer rating, reflecting their subordination within Scentre’s capital structure, Fitch said.

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