Australia http://www.alacrastore.com/country-snapshot/Australia Saturday, September 06, 2008 8:59:51 PM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/669068spcred/669068normstructured9/2/2008 11:24:07 PM100News669068AustraliaPacificStructured FinanceResidential MBSNewsMELBOURNE (Standard&Poor's) Sept. 3, 2008--Standard&Poor's Ratings Services today assigned a 'AAA' final rating to the Class A prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustees Consolidated Ltd. as trustee for Crusade Trust No. 1 of 2008. The notes are backed by a portfolio of prime Australian residential mortgages originated by St.George Bank Ltd. "There is sufficient credit support provided in the structure to make the rating on the Class A notes independent of the rating on the lenders' mortgage insurance provider from the closing date," Standard&Poor's credit analyst Jackson Chan said today. A copy of Standard&Poor's complete rating report for Crusade Trust No. 1 of 2008 is available onAUSCrusade Trust No. 1 of 2008455285PACNEWSSTRUCRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/669066spcred/669066normstructured9/2/2008 11:24:00 PM400Full Report669066AustraliaPacificStructured FinanceResidential MBSFull ReportClosing Date: Sept. 2, 2008 Maturity Date: One year after the last mortgage loan matures. Issuer: Perpetual Trustees Consolidated Ltd. as trustee for Crusade Trust No. 1 of 2008 Collateral: Australian dollar loans to prime-quality borrowers, secured by first-registered mortgages on residential properties in Australia. Primary credit enhancement: For the Class A notes, the subordination of the Class B notes. Interest-rate and basis swap provider: St.George Bank Ltd. (A+/Watch Pos/A-1) Lenders' Mortgage Insurer: St.George Insurance Australia Pty Ltd. (A+/Watch Pos/--) The ratings assigned to the prime floating-rate residential mortgage-backed securities (RMBS) issued by Perpetual Trustees Consolidated Ltd. as trustee for Crusade Trust No. 1 of 2008 reflect the following factors: The structure, which incorporates a revolving facility. This allows forAUSCrusade Trust No. 1 of 2008455285PACFULLSTRUCRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668863spcred/668863normThe latest Summary from S&Pglobal9/2/2008 4:24:02 AM175Summary668863AustraliaEducation ServicesPacificGlobal IssuersInternational Public FinanceSummaryOur affirmation on the ratings of the University of Melbourne (UOM) reflect the university's strong international reputation, balance sheet, and management team, as well as its significant funding from an 'AAA' rated obligor. UOM's membership of the prestigious "Group of 8" Australian universities supports its ability to attract research funding and influence the national policy debate. The university has strong domestic student demand that is supported by its reputation for academic excellence and its research strengths. Further, UOM's median entry is strong, providing the university with enrolment flexibility. UOM's debt levels are comparable with its international peers and its financial assets are among the largest of its domestic peer group.  While debt is forecast to increase in 2008 to fundAUS25302010 253020 2530 25University of Melbourne (The)330098PACSUMMARYGLOBISSGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668862spcred/668862normThe latest Full Report from S&Pglobal9/2/2008 4:24:01 AM400Full Report668862AustraliaEducation ServicesPacificGlobal IssuersInternational Public FinanceFull ReportReputation for high academic standards and provision of a comprehensive range of courses, thereby enabling it to attract high-quality students Low debt levels relative to the university's operating budget Strong management team that continues to drive a competitive strategy Significant funding from an 'AAA' rated obligor in the form of the Commonwealth government, which is highly stable and predictable Similar to other Australian rated universities, low expenditure flexibility due to high staff costs as a proportion of total costs Dependence on full-fee-paying students Our affirmation on the ratings of the University of Melbourne (UOM) reflect the university's strong international reputation, balance sheet, and management team, as well as its significant funding from an 'AAA' rated obligor. The university has noAUS25302010 253020 2530 25University of Melbourne (The)330098PACFULLGLOBISSGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668796spcred/668796normThe latest Research Update from S&Pglobal9/1/2008 9:19:17 AM175Research Update668796AustraliaLife & Health InsurancePacificGlobal IssuersInsuranceResearch UpdateOn Sept. 1, 2008, Standard&Poor's Ratings Services affirmed its 'A-/Stable' insurer financial strength rating and outlook on The Hospitals Contribution Fund of Australia Ltd. (HCF) following HCF's announcement of a proposed merger with Manchester Unity Australia Ltd. (MU; not rated). The affirmation reflects our expectation that the merged entity's market position will be marginally better than HCF's current position; it also assumes that HCF's capitalization remains strong and that the integration challenges are manageable. Under the proposed transaction, which is subject to approval by MU members and regulators, HCF plans to acquire MU for about A$256 million. MU is expected to add more than A$200 million to HCF's gross premiums from 2009; this amount represents about 20% ofAUS40301020 403010 4030 40Hospitals Contribution Fund of Australia Ltd. (The)337829PAC1450Z@AURESUPDGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668795spcred/668795normglobal9/1/2008 9:19:00 AM100The latest News from S&PNews668795AustraliaLife & Health InsurancePacificGlobal IssuersInsuranceNewsMELBOURNE (Standard&Poor's) Sept. 1, 2008--Standard&Poor's Ratings Services said today that it had affirmed its 'A-/Stable' insurer financial strength rating and outlook on The Hospitals Contribution Fund of Australia Ltd. (HCF) following HCF's announcement of a proposed merger with Manchester Unity Australia Ltd. (MU; not rated). The affirmation reflects our expectation that the merged entity's market position will be marginally better than HCF's current position; it also assumes that HCF's capitalization remains strong and that the integration challenges are manageable. Under the proposed transaction, which is subject to approval by MU members and regulators, HCF plans to acquire MU for about A$256 million. MU is expected to add more than A$200 million to HCF's gross premiums fromAUS40301020 403010 4030 40Hospitals Contribution Fund of Australia Ltd. (The)337829PAC1450Z@AUNEWSGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668789spcred/668789normThe latest Summary from S&Pstructuredglobal8/31/2008 11:26:00 PM175Summary668789AustraliaEurope, Middle East, AfricaPacificUnited StatesStructured FinanceGlobal IssuersUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSFinancial InstitutionsCorporationsInternational Public FinanceSummaryOn Aug. 28, 2008, Standard&Poor's Ratings Services revised to negative from stable its outlooks on the Australian State of New South Wales (NSW) and the state's treasury operation, New South Wales Treasury Corp. (TCORP), reflecting the potential for negative pressure on the state's credit quality following the delayed vote on the proposed sale of the NSW electricity retail assets and long-term lease of the electricity generators. The issuer credit ratings on the two entities were affirmed at 'AAA/A-1+'. The state's balance sheet is moderately strong, and supports increasing debt to partly fund the capital-expenditure program at the current rating. Net financial liabilities as a proportion of operating revenue, including the public trading enterprises and core government, are forecastAUS64880*New South Wales (State of)105946EUROMIDAFRPACUSA94902Z@AUSUMMARYSTRUCGLOBISSUTILABSCDOABCPCMBSRMBSFICORPGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668463spcred/668463normThe latest Full Report from S&Pglobalstructured8/29/2008 4:27:00 AM400Full Report668463AustraliaEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsInternational Public FinanceUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSFull ReportModerately strong balance sheet Diversified economy Demonstrated fiscal discipline Strong system of government support Increasing debt levels driven by large capital program Like all Australian states, an institutional framework with a degree of structural imbalance between revenue powers and expenditure responsibilities On Aug. 28, 2008, Standard&Poor's Ratings Services revised to negative from stable its outlooks on the Australian State of New South Wales (NSW) and the state's treasury operation, New South Wales Treasury Corp. (TCORP), reflecting the potential for negative pressure on the state's credit quality following the delayed vote on the proposed sale of the NSW electricity retail assets and long-term lease of the electricity generators. The issuer credit ratings on the two entities were affirmed atAUS64880*New South Wales (State of)105946EUROMIDAFRPACUSA94902Z@AUFULLGLOBISSSTRUCFICORPGOVSUTILABSCDOABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/668460spcred/668460normThe latest News from S&Pglobalstructured8/29/2008 4:27:00 AM100News668460AustraliaMulti-UtilitiesPacificGlobal IssuersStructured FinanceUtilitiesCollateralized Debt ObligationsElectricNewsMELBOURNE (Standard&Poor's) Aug. 29, 2008--Standard&Poor's Ratings Services today said that DUET Group's (BBB-/Stable/--) reported results for fiscal 2008 were largely in line with our expectations for the rating. The results demonstrate the benefits DUET receives through its reasonably diverse underlying operating assets. The group's key challenge will be maintaining the creditworthiness of its underlying assets, given that the rating outlooks on four of its five companies are currently on negative. The negative outlooks largely relate to weakness or potential weakening in financial metrics at the asset operating companies if appropriate capital management for current and potential growth projects is not applied over the near term. Among its assets, United Energy Distribution Pty Ltd. (UED; BBB/Negative/--) andAUS55103010 551030 5510 55DUET Group371875PACDUE@AUNEWSAUS91020Q91021155101010 551010 5510 5510102040 101020 1010 10United Energy Distribution Pty Ltd.DBNGP Trust307317382770PACUEL@AUGLOBISSSTRUCUTILCDOElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667815spcred/667815normThe latest Research Update from S&Pstructuredglobal8/28/2008 4:25:34 AM175Research Update667815AustraliaPacificEurope, Middle East, AfricaUnited StatesStructured FinanceGlobal IssuersUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperCommercial MBSResidential MBSFinancial InstitutionsCorporationsInternational Public FinanceResearch UpdateOn Aug. 21, 2008, Standard&Poor's Ratings Services revised to negative from stable its outlooks on the Australian State of New South Wales (NSW) and the state's treasury operation, New South Wales Treasury Corp. (TCORP), reflecting the potential for negative pressure on the state's credit quality following the delayed vote on the proposed sale of the NSW electricity retail assets and long-term lease of the electricity generators. The issuer credit ratings on the two entities are affirmed at 'AAA/A-1+'. The state's balance sheet is moderately strong, and supports increasing debt to partly fund the capital-expenditure program at the current rating. Net financial liabilities as a proportion of operating revenue, including the public trading enterprises and core government, are forecastAUS64880*New South Wales (State of)105946PACEUROMIDAFRUSA94902Z@AURESUPDAUS64880864880J64880K64880NQ6717WQ67257Q6732J40203010 402030 4020 40New South Wales Treasury Corp.110741PAC140798Z@AUSTRUCGLOBISSUTILABSCDOABCPCMBSRMBSFICORPGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667814spcred/667814normThe latest News from S&Pglobalstructured8/28/2008 4:25:34 AM100News667814AustraliaPacificEurope, Middle East, AfricaUnited StatesGlobal IssuersStructured FinanceResidential MBSCommercial MBSFinancial InstitutionsCorporationsInternational Public FinanceUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsAsset-Backed Commercial PaperNewsMELBOURNE (Standard&Poor's) Aug. 28, 2008—Standard&Poor's Ratings Services today said that it has revised to negative its outlooks on the Australian State of New South Wales and the state's treasury operation, New South Wales Treasury Corp. (TCORP), reflecting the potential for negative pressure on the state's credit quality following the delayed vote on the proposed sale of the NSW electricity retail assets and long-term lease of the electricity generators. The issuer credit ratings on the two entities are affirmed at 'AAA/A-1+'. The negative outlooks imply roughly a one-in-three chance of a rating downgrade. In other words, the most likely scenario (the two-in-three chance) is that our ratings on NSW and TCORP will remain at the present 'AAA'AUS64880*New South Wales (State of)105946PACEUROMIDAFRUSA94902Z@AUNEWSAUS64880864880J64880K64880NQ6717WQ67257Q6732J40203010 402030 4020 40New South Wales Treasury Corp.110741PAC140798Z@AUGLOBISSSTRUCRMBSCMBSFICORPGOVSUTILABSCDOABCPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667801spcred/667801normThe latest News from S&Pglobal8/28/2008 4:25:34 AM100News667801AustraliaIntegrated Oil & GasPacificGlobal IssuersCorporationsUtilitiesEnergyGasNewsMELBOURNE (Standard&Poor's) Aug. 28, 2008--Standard&Poor's Ratings Services today said that Origin Energy Ltd.'s (BBB+/Stable/A-2) reported fiscal 2008 results were within our expectations for the ratings. The drivers for Origin's creditworthiness, and by implication the ratings, will be the outcome and timing of the hostile takeover bid from U.K.-based BG Energy Holdings Ltd. (BG; A/Watch Neg/A-1) and Origin's alternate strategy to monetize its coal seam gas (CSG) reserves. Under either scenario, we see limited downward risk to the ratings on Origin, provided there is no material deterioration in the company's business profile. At present, we believe there is insufficient clarity about the likelihood of success of any BG takeover or the size and timing of any potentialAUS68618R10102010 101020 1010 10Origin Energy Ltd.352573PACORG@AUNEWSGBR10102010 101020 1010 10BG Energy Holdings Ltd.338352EUROMIDAFR60747Z@LNGLOBISSCORPUTILEnergyGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/361001spcred/361001normThe latest News from S&Pglobalstructured8/28/2008 2:43:34 AM100News361001AustraliaPacificGlobal IssuersStructured FinanceResidential MBSFinancial InstitutionsNewsMELBOURNE (Standard&Poor's) Feb. 26, 2004--Standard&Poor's Ratings Services said today that it has assigned its preliminary ratings to the floating- and fixed-rate RMBS to be issued by Members Equity Pty. Ltd. through its Maxis Loans Securitisation Fund No. 7 (see list). The preliminary ratings are based on information as of Feb. 26, 2004. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. A copy of Standard&Poor's complete presale report for this transaction can be found on RatingsDirect, Standard&Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale can also be found on the Standard&Poor's Web site at www.standardandpoors.com. Select Credit Ratings and find the articleAUSMaxis Loans Securitisation Fund No. 7370376PACNEWSAUS40203020 402030 4020 40Members Equity Bank Pty Ltd.343881PACGLOBISSSTRUCRMBSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/273090spcred/273090normThe latest News from S&Pglobalstructured8/28/2008 2:43:29 AM100News273090AustraliaProperty & Casualty InsuranceCanadaPacificUnited StatesGlobal IssuersStructured FinanceAsset-Backed Commercial PaperResidential MBSInsuranceAsset-Backed SecuritiesNewsMELBOURNE (Standard&Poor's) Oct. 30, 2002--Standard&Poor's Rating Services said today that it has placed the subordinated tranches of a number of RMBS issues on CreditWatch with negative implications. This follows the placement of the long-term double-'A'-minus insurer financial strength and counterparty credit ratings of Royal&Sun Alliance Lenders Mortgage Insurance Ltd. (RSALMI) on CreditWatch with negative implications on Oct. 24, 2002. The triple-'A' ratings on the senior notes of the RMBS transactions are affirmed. This is largely due to either the provision of more credit support than was required at the time of initial issuance, or the build-up of credit support through increased subordination as the underlying mortgage pool balances amortize, which feeds through to aAUS40301040 403010 4030 40Genworth Financial Mortgage Indemnity Ltd.307328CANPACUSAPMN@AUNEWSAUS74588296121R46070M74588PQ4967RBanksia Trust Series 2001-1ARMS II Euro Fund VInterstar Millennium Series 2002-1G TrustPUMA Global Trust No. 1Interstar Millennium Series 2002-2 TrustRAMS Mortgage Corp. Ltd. Series 11Series 2002-1G WST TrustPUMA Global Trust No. 2Series 2002-1 TORRENS TrustRMS Trust 2002-1ARMS II Fund XII349757353857357621360311360702362334362807365133365798365883366490PACGLOBISSSTRUCABCPRMBSINSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/274694spcred/274694normThe latest News from S&Pglobalstructured8/28/2008 2:43:29 AM100News274694AustraliaProperty & Casualty InsuranceCanadaPacificUnited StatesGlobal IssuersStructured FinanceInsuranceAsset-Backed Commercial PaperResidential MBSAsset-Backed SecuritiesNewsMELBOURNE (Standard&Poor's) Nov. 8, 2002--Standard&Poor's Ratings Services said today it has affirmed its ratings on all double-'A'-minus rated tranches of Australian RMBS placed on CreditWatch Negative on Oct. 30, 2002. The CreditWatch status was also revised to Developing from Negative. This is despite Standard&Poor's announcing earlier today that it had lowered its ratings on Royal&Sun Alliance Lenders Mortgage Insurance Ltd. (RSALMI) to single-'A'-plus from double-'A'-minus and that it had removed RSALMI from CreditWatch Negative, following rating action taken overnight in London on the operating entities of the U.K.-based parent, Royal&Sun Alliance Insurance Group PLC (RSA). The outlook on RSALMI is Developing. RSALMI intend to enter into a reinsurance arrangement, forAUS40301040 403010 4030 40Genworth Financial Mortgage Indemnity Ltd.307328CANPACUSAPMN@AUNEWSAUS46070M745882Q4967R74588P96121RBanksia Trust Series 2001-1ARMS II Euro Fund VInterstar Millennium Series 2002-1G TrustPUMA Global Trust No. 1Interstar Millennium Series 2002-2 TrustRAMS Mortgage Corp. Ltd. Series 11Series 2002-1G WST TrustPUMA Global Trust No. 2Series 2002-1 TORRENS TrustRMS Trust 2002-1ARMS II Fund XII349757353857357621360311360702362334362807365133365798365883366490PACGLOBISSSTRUCINSABCPRMBSABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/250593spcred/250593normThe latest News from S&Pstructured8/28/2008 2:43:28 AM100News250593AustraliaPacificStructured FinanceAsset-Backed SecuritiesResidential MBSNewsNEW YORK (Standard&Poor's) June 19, 2002--Interstar Securities (Australia) Pty Ltd. launched its first global RMBS issue through the Interstar Millennium Series 2002-1G Trust. Standard&Poor's today assigned its preliminary triple-'A' rating to the US$1.0 billion of senior notes to be issued by the trust and its double-'A'-minus rating to the A$ subordinated notes. "The Interstar deal is the fifth global RMBS deal this year by an Australia issuer," said Belinda Smith, associate at Standard&Poor's Structured Finance Ratings. "This brings the amount of RMBS issuance in this market to the equivalent of A$9.1 billion for the year compared with A$13.6 billion for all of 2001." "Standard&Poor's expects the level of RMBS issuance into globalAUS46070MInterstar Millennium Series 2002-1G Trust362807PACNEWSAUSChallenger Mortgage Management Pty Ltd. (formerly known as Interstar Wholesale Finance Pty Ltd.)329206PACSTRUCABSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667794spcred/667794normglobal8/27/2008 11:25:17 PM175Research Update667794AustraliaEducation ServicesPacificGlobal IssuersInternational Public FinanceResearch UpdateOn Aug. 28, 2008, Standard&Poor's Ratings Services affirmed its ratings on the University of Melbourne (UOM), reflecting the university's strong international reputation, balance sheet, and management team, as well as its significant funding from an 'AAA' rated obligor. The outlook is stable. UOM's membership of the prestigious "Group of 8" Australian universities supports its ability to attract research funding and influence the national policy debate. The university has strong domestic student demand that is supported by its reputation for academic excellence and its research strengths. Further, UOM's median entry is strong, providing the university with enrolment flexibility. UOM's debt levels are comparable with its international peers and its financial assets are among the largest of its domestic peerAUS25302010 253020 2530 25University of Melbourne (The)330098PACRESUPDGLOBISSGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667792spcred/667792normglobal8/27/2008 11:25:17 PM100News667792AustraliaEducation ServicesPacificGlobal IssuersInternational Public FinanceNewsMELBOURNE (Standard&Poor's) Aug. 28, 2008--Standard&Poor's Ratings Services said today that it had affirmed its 'AA+/A-1+' issuer credit ratings on the University of Melbourne (UOM), on the basis of UOM's strong international reputation, balance sheet, and management team, as well as its significant funding from an 'AAA' rated obligor. The outlook is stable. "UOM's debt levels are comparable with its international peers and its financial assets are among the largest of its domestic peer group," said credit analyst Danielle Westwater, of the Sovereign&International Public Finance Ratings group. "While debt is forecast to increase in 2008 to fund capital expenditure, UOM's balance sheet remains robust, thereby providing credit strength." Standard&Poor's sees that UOM hasAUS25302010 253020 2530 25University of Melbourne (The)330098PACNEWSGLOBISSGOVSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667767spcred/667767normglobal8/27/2008 11:25:00 PM100News667767AustraliaGas UtilitiesPacificGlobal IssuersUtilitiesGasNewsMELBOURNE (Standard&Poor's) Aug. 28, 2008--Standard&Poor's Ratings Services today said that its 'BBB-/A-3' corporate credit ratings and negative outlook on Envestra Ltd. and Envestra's wholly owned subsidiary Envestra Victoria Pty Ltd. (EnVic) were unchanged following Envestra's announcement that it plans to raise A$100 million of additional equity and reduce the level of its distributions for the foreseeable future. Envestra's capital-management initiatives will help to support its creditworthiness and somewhat reduce the group's near-term debt funding requirements. The announcement displays a meaningful willingness by Envestra to reduce its reliance on debt funding and moderate its aggressive financial profile to maintain its credit ratings. Envestra's rating outlook will remain negative until, at a minimum, the equity raising is successfullyAUS55102010 551020 5510 55Envestra Ltd.321191PACENV@AUNEWSAUSQ3535#55102010 551020 5510 55Envestra Victoria Pty Ltd.335054PAC1653Z@AUGLOBISSUTILGasCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/667766spcred/667766normThe latest Summary from S&Pglobalstructured8/27/2008 8:59:00 PM175Summary667766AustraliaDiversified REIT'sPacificGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesSummaryThe ratings on Mirvac Group, an Australian-listed stapled property group, reflect the relatively stable and predictable cash flow derived from the group's diversified property investment portfolio, its experienced management team, and prudent risk-mitigation processes associated with its property-development activities. These strengths are partly offset by the volatile cash flow and lumpy capital requirements of the group's cyclical residential property-development business, which is exacerbated by the challenging prevailing market environment, and the group's moderate financial policies. Mirvac generates about 60%–65% of its after-tax profits from property investment, with the majority of the remainder derived from property-development activities. Although this earnings mix is expected to continue in 2009, Mirvac recently announced plans to increase its earnings contribution from property investment to 80%AUS40402010 404020 4040 40Mirvac Group398396PACMGR@AUSUMMARYGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Research