We have assigned our 'BBB' corporate credit rating to Goodman Australia Industrial Fund. The rating reflects our opinion of the stable cash flow generated from the fund's diversified industrial and office-park portfolio; experienced property management and industrial property expertise; high occupancy levels; and solid lease-maturity profile. The outlook is stable, reflecting our expectation that GAIF will continue to maintain a high-quality and diverse asset base and operate a financial profile that is in line with the fund's current financial policies, which are commensurate with the 'BBB' rating. On April 20, 2011, Standard&Poor's Ratings Services assigned its 'BBB' corporate credit rating to Goodman Australia Industrial Fund (GAIF), an unlisted wholesale fund that invests in commercial real estate assets across
