Solid asset quality and stable earnings profile Favorable competitive position due to town-planning restrictions in Australia Asset, economic, 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 Australian-based fund's strong business risk profile, which is underpinned by solid asset quality and our expectation of a stable retail portfolio that exhibits sound cash flow, despite a sluggish Australian retail trading environment. Also underpinning the rating is ASCF's conservative financial policies, and our expectation that management will continue its prudent growth strategy. These credit strengths are partly offset by the risks associated with the
