Berenberg Maintains Unibail-Rodamco-Westfield at Buy After Moody's Credit Rating Upgrade

03:35 AM EDT, 08/24/2026 (MT Newswires) -- Berenberg reiterated Unibail-Rodamco-Westfield's (URW.PA) buy rating and price target of 122 euros, noting the Paris-listed commercial real estate group's recent credit rating upgrade from Moody's "bodes well." "On Friday, Moody's upgraded the long-term issuer rating on Unibail-Rodamco-Westfield (URW) from Baa2 to Baa1 with a stable outlook. The improved investment grade rating is likely to only marginally benefit URW's refinancing costs as the company already has strong access to the debt capital markets, having issued a EUR750m green bond for seven years in June with an attractive coupon of 3.875%. That being said, we think that URW will endeavour to sustain its Moody's credit rating, or even aim for a further improvement, with the company having been rated in the 'A' categories until September 2020," according to a Monday note. "Fundamentally, we share Moody's view that URW now benefits from 'the exceptional quality of its flagship shopping centres,' with these helping to accelerate rental growth due to the solid demand for space from retailers," analysts added. Berenberg also said it sees potential for further gains in the company's valuation, even though the stock is up 16% year-to-date.