MELBOURNE (Standard&Poor's) July 20, 2009--Standard&Poor's Ratings Services today said that it had assigned its 'A' long-term and 'A-1' short-term ratings to Australian Prime Property Fund Retail's (APPF Retail; A/Stable/A-1) new Australian dollar unlimited medium-term note (MTN) and short-term note (STN) program. This program, which will eventually replace APPF Retail's existing Australian dollar unlimited MTN/STN program, follows completion of the fund's A$450 million three-year syndicated facility earlier in 2009. Issues under the program represent unsecured senior obligations and will rank equally with all other unsecured and unsubordinated indebtedness of the issuer. The obligations are guaranteed by each trustee of a property-ownership subtrust owned by APPF Retail. Although the program does not include any specific financial covenants, financial
