Solid asset quality and stable earnings profile Favorable competitive position due to town-planning restrictions in Australia Asset and tenant diversity Conservative financial policies Large and lumpy potential capital-expenditure requirements for asset-redevelopment projects Exposure to discretionary consumer spending and tenant-demand cycles The rating on AMP Capital Shopping Centre Fund (ASCF) reflects our view of the Australia-based fund's "strong" business risk profile and "modest" financial risk profile. The fund's business profile is underpinned by its solid asset quality; favorable competitive position due to town-planning restrictions in Australia; and our expectation of stable rental income derived from a diversified retail portfolio that exhibits sound cash flow, despite a sluggish Australian retail trading environment. Also underpinning the rating are ASCF's conservative financial policies and
