We have raised the long-term corporate credit and debt issue ratings on APPF Retail to 'A+', from 'A', and assigned a stable rating outlook. 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. We have affirmed the 'A-1' short-term rating on APPF Retail. On Aug. 4, 2011, Standard&Poor's Ratings Services 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
