GWSCF has announced it will purchase an additional 25% share in the Highpoint Shopping Centre. This purchase increases the fund's exposure to a single asset, weakening its ability to withstand potential headwinds in Highpoint's trade catchment area. We believe that this purchase bolsters the asset quality of the fund so there is no material deterioration in credit quality. However, the asset concentration risk will require the manager to deliver on an asset recycling program and decrease the fund's leverage. We are revising the outlook on GWSCF to negative from stable and affirming the 'A-' corporate credit and issue ratings. On July 31, 2017, S&P Global Ratings revised its outlook on Australian shopping center fund GPT Wholesale Shopping Centre Fund (GWSCF)
