Fitch downgraded its long-term issuer default rating on Unibail-Rodamco-Westfield SE to A- from A, and senior unsecured rating to A from A+, and assigned a stable outlook.

The rating agency also removed the ratings from rating watch negative.

Fitch attributed the downgrade to the French retail real estate investment trust's weakened credit profile after the completion of its merger with Westfield Corp. In Fitch's view, the merger added complexity to the company's structure, which can affect liquidity, as partner approvals and other additional hurdles could limit the group's access to funds.

The company plans to allocate €3 billion from planned disposals toward reducing debt, but the rating agency does not expect the move to bring the company's leverage levels in line with an A rating.