MELBOURNE (Standard&Poor's) Aug. 4, 2011--Standard&Poor's Ratings Services today said that it had raised its long-term corporate credit and debt issue ratings on Australian Prime Property Fund Retail (APPF Retail), an unlisted Australian-based wholesale property fund, to 'A+', from 'A'. At the same, the 'A-1' short-term rating on APPF Retail was affirmed. The rating outlook is stable. "The upgrade reflects our expectation that APPF Retail will maintain a financial profile and credit measures commensurate with a higher rating, despite its significant development pipeline," Standard&Poor's credit analyst Jennifer Wee said. "The upgrade considers our view of APPF Retail's very conservative financial policies, which emanate from the fund's strategy to be primarily funded by equity, and which
