Key ratios underpin Unibail-Rodamco-Westfield's strong financial performance over the years.
(1) Net financial debt / Total assets including transfer taxes, excluding goodwill if not justified by fee business as per the Group’s European leverage covenants (2) Interest Coverage Ratio (ICR) = Recurring EBITDA / Recurring Net Financial Expenses (including capitalised interest); Recurring EBITDA is calculated as total recurring operating results and other income less general expenses, excluding depreciation and amortisation. (3) Typical covenant level.
Unibail-Rodamco-Westfield has a robust credit profile and enjoys one of the best ratings in the industry. This rating reflects the Group’s large, high-quality and well-diversified property portfolio, its position as the premier global developer and operator of flagship shopping destinations.
| Moody's Rating | Standard & Poor's | |
|---|---|---|
| Long-term rating | Baa1* | BBB+* |
| Short-term rating | NR | A-2 |
*with stable outlook"