MELBOURNE (Standard&Poor's) June 15, 2004--Standard&Poor's Ratings Services today assigned its 'A-' long-term corporate credit rating to Australian Prime Property Fund – Retail (APPF Retail), one of the three sector-specific wholesale-unlisted funds within APPF. The outlook is stable. "APPF Retail's above-average business profile reflects its high-quality assets, strong market position, good quality tenants, well-spread lease expiry profile, and moderate development strategy," said Lucy Kistler, credit analyst in Standard&Poor's Corporate&Infrastructure Ratings group. "Lend Lease Real Estate Investment Ltd.'s (LLREIL) management expertise and resources in the retail property market further strengthen APPF Retail's business profile," she commented. APPF Retail enjoys the protection of high barriers to entry in the retail shopping centre market, stemming from
