Westfield welcomes “A/A-1” tating by Standard $amp; Poor’s

29 April 2004

Countries: Australia

Westfield chairman, Mr Frank Lowy, today welcomed the announcement by Standard & Poors (S&P) that it would assign an A/A-1 credit rating to the proposed new Westfield Group.

At the same time, S&P affirmed Westfield Trusts existing A/A-1 rating.

The A/A-1 ratings puts the new Westfield Group in the top-tier of property companies globally and will maximise the groups potential in gaining access to global debt capital markets and achieving an efficient cost of debt capital.

Mr Lowy said S&P had reviewed Westfields merger proposal, the profile of the new Group and its future strategy.

The rating reflects the key benefits of combining the existing, separate Westfield entities to give the new Westfield Group the scale it needs to pursue a global growth strategy, he said.

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ENDS