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Research Update: Outlook On Mirvac Group Revised To Positive On Potential Improvement In Financial Metrics; 'BBB/A-2' Ratings Affirmed Dec 12 Product Image

Research Update: Outlook On Mirvac Group Revised To Positive On Potential Improvement In Financial Metrics; 'BBB/A-2' Ratings Affirmed Dec 12

  • Published: December 2012
  • Standard & Poors

FEATURED COMPANIES

  • Mirvac Group
  • Mirvac Group Finance Ltd.
  • Mirvac Group Funding Ltd.
  • Mirvac Property Trust
  • MORE

Abstract
Australian property group Mirvac has grown its investment portfolio and sold noncore assets that continue to strengthen the group's financial risk profile. We expect that the financial metrics will show a sustained improvement in the short term due to the solid contribution from its investment portfolio, reduced interest expenses from the termination of high-cost interest rate hedges, and lower debt levels. We also expect a return to higher earnings contribution from its development division. As a result, we are revising the outlook on the long-term issuer rating to positive from stable. At the same time, the 'BBB' long-term and 'A-2' short-term ratings have been affirmed. The positive outlook reflects our view that the rating may be raised in the next...

Companies mentioned in this report are:
- Mirvac Group
- Mirvac Group Funding Ltd.
- Mirvac Group Finance Ltd.
- Mirvac Property Trust

Action: Affirmed
Action: Outlook: Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

- Mirvac Group
- Mirvac Group Funding Ltd.
- Mirvac Group Finance Ltd.
- Mirvac Property Trust

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