MELBOURNE (Standard&Poor's) July 7, 2010--Standard&Poor's Ratings Services said today that it had revised its rating outlook on Australian Prime Property Fund Retail (APPF Retail) to positive, from stable. At the same time, we affirmed our 'A/A-1' ratings on APPF Retail and the fund's related debt issues and programs. The rating affirmation and positive outlook follow APPF Retail's recent completion of a A$500 million equity raising. The proceeds from the equity raising were used to retire debt from recent acquisitions and committed developments, which we believe demonstrates the fund's commitment to a prudent and conservative approach toward capital management. APPF Retail has a robust future development pipeline of more than A$1 billion over the next five years.
