Strong market position Robust operating earnings, underpinned by high-quality and well-located retail assets Conservative financial policy Ongoing capital-expenditure requirements for development projects Exposure to cyclical discretionary consumer spending The ratings on Australian Prime Property Fund – Retail (APPF Retail) reflect the fund's strong market position, high-quality retail assets, very high degree of operating stability, and conservative financial policy. These strengths are tempered by the fund's ongoing capital-expenditure requirements for development projects and exposure to cyclical discretionary spending. The fund's underlying credit quality remains strong and highly stable, reflecting a portfolio of high-quality and well-located shopping centers. A high degree of operating stability is further supported by the portfolio's geographic diversity, diverse tenant base, long and well-spread lease-expiry profile, and very
