We believe that the GPT Group has demonstrated a preparedness to adhere to disciplined financial policies while growing a high-quality and diversified asset base. Accordingly, we have raised the long-term rating to 'A' from 'A-' and the short-term rating to 'A-1' from 'A-2'. The outlook is stable, reflecting our expectation that the group will continue to grow its high-quality asset base consistent with its diversified strategy, produce solid rental income, and adopt a moderate operating strategy. On April 15, 2016, Standard&Poor's Ratings Services raised its long-term rating to 'A' from 'A-' and the short-term rating to 'A-1' from 'A-2' on Australian property company GPT Group and the company's related debt issues and programs. The outlook on the long-term
