...+ APPF Retail's portfolio of retail assets remains strong and stable. + Planned debt funding of major developments over the next three years could see the fund's gearing move to just above 15%. We forecast APPF Retail's FFO to debt to remain comfortably above 20%, but debt to EBITDA could be stretched to 2.5x to 3.5x. + We have revised the financial risk profile to modest, and applied a positive rating modifier based on the fund's still strong financial metrics. + We are affirming our 'A+/A-1' ratings on APPF Retail. The fund's stable asset portfolio and cash flows, and expected benefits from planned developments, underpin the ratings. The outlook is stable. MELBOURNE (S&P Global Ratings) Oct. 21, 2016--S&P Global Ratings today said it has affirmed its 'A+/A-1' ratings on Australian Prime Property Fund Retail (APPF Retail), a wholesale, unlisted property trust engaged in long-term ownership and development of quality diversified retail assets across Australia. The outlook is stable. The...
