In our view, Australian Prime Property Fund Retail's recent equity raising to support sizable investments demonstrates its commitment to a prudent and conservative approach toward capital management. We have affirmed the ratings on the fund and its related debt issues and programs, and revised the rating outlook to positive, from stable. On July 7, 2010, Standard&Poor's Ratings Services revised its rating outlook on Australian Prime Property Fund Retail (APPF Retail), an unlisted Australia-based wholesale property fund, 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 ratings affirmation and positive outlook follow our recent review of APPF Retail's financial profile. In our view,
