Unibail-Rodamco-Westfield: Moody's downgrades, but stock up

(CercleFinance.com) - Moody's Investors Service on Thursday downgraded Unibail-Rodamco-Westfield's credit rating to "Baa2" from "Baa1," having adopted a stable outlook.


The rating agency explains that this downgrade reflects the prospect of prolonged recourse to debt after the failure of the commercial property group's capital increase.

In its statement, Moody's explains that its rating also takes into account the prospect of asset impairment and the uncertainty surrounding the disposal plan developed by the shopping centre specialist.

The agency points out that today's decision concludes the review that it started last November into a possible downgrade of the group's rating.

However, the share was up over 4% on Thursday.

For the record, French billionaire Xavier Niel said yesterday that he had exceeded the 10% threshold of Unibail Rodamco Westfiel's capital, now holding 11.4% of its shares.


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