High-quality retail portfolio providing stable cash flow Broad diversity by geography, asset, and tenant Ownership and management links with the AMP Group Moderate financial policies Large and lumpy potential capital-expenditure requirements for development projects Earnings exposure to cyclical discretionary consumer spending The ratings on AMP Capital Shopping Centre Fund (ASCF), an unlisted Australian-based wholesale property fund, reflect the fund's high-quality and well-diversified portfolio of shopping-center assets, and moderate financial policies. Common to other shopping-center owners, ASCF's retail assets require ongoing development activity. Although ASCF carefully manages the design, construction, and pre-leasing risks, these lumpy cash requirements place stress on the fund's financial metrics. The fund has no development projects that are currently committed. Also, in an uncertain economic environment, an
