"The underwritten rights issue of around $2.5 billion, along with the recent US$ debt issuance and bank facility extension for the remainder of the $4 billion Coles acquisition facility, will now substantially ameliorate refinancing and liquidity risk, which was a key rating consideration'', said Ian Lewis, a Moody's vice-president. ''Following a review of a range of options available to complete the refinancing (of Coles' purchase) and the funding costs of those options,'' Mr Goyder said, ''the Wesfarmers Board believes that an equity issue is in the best interests of shareholders, given a backdrop of ongoing volatility in global debt capital markets.'' Wesfarmers had planned to court the debt markets for the entire amount, but found it tough to obtain reasonable interest rates because of the global credit crunch.