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Moody's assigns 1st-time rating to Stockland

Moody's assigned an A3 long-term issuer rating to Stockland for the first time, with a stable outlook.

The rating agency said it attributes the rating to the group's status as one of the biggest real estate investment trusts in Australia, with more than A$13 billion of assets, as well as its stable operating income and moderate financial profile.

Stockland's residential development arm as a key contributor to its earnings was also reflected in the rating, Moody's said, noting that the business made up about 33% of the company's reported operating earnings, before interest and taxes, in the year ended June 30, 2016.

Moody's said the stable outlook reflects its expectation that the company, despite risks tied to its development activities, will maintain a conservative financial profile, with credit metrics well within tolerance levels and aided by stable and recurring rental income from its investment portfolio.

As of Aug. 14, US$1 was equivalent to A$1.27.