Lend Lease’s
(ASX:LLC) credit ratings are being reviewed by Moody's Investors Service and could possibly be downgraded.
Moody’s yesterday said that a consortium, led by Lend Lease, is the preferred bidder to acquire the 14 assets of the $1.4 billion ING Retail Property Fund.
Moody’s said the ratings review reflects the expected use of cash and debt that would be employed in funding the acquisitions, and the negative impact this would have on Lend Lease's credit metrics.
Lend Lease said that the acquisition is expected to be completed over the next six weeks.
Lend Lease reported a 2009 net loss of $653.6 million for the year to June 30.
