Australia-based Goodman Australia Industrial Partnership (GAIP) issued US$600 million 144A/Reg S notes, with the proceeds partially used to repay debt, strengthening the partnership's liquidity. We are affirming our 'BBB+' corporate credit rating on GAIP. The stable outlook reflects our expectation that GAIP would prudently manage the timing and execution of its asset sales or equity issuance to fund its committed development pipeline. As a result, we expect GAIP to maintain an adjusted debt-to-EBITDA below 6.0x and FFO-to-debt consistently above 12% at the top of its leverage range. On Oct. 28, 2016, S&P Global Ratings affirmed its 'BBB+' long-term corporate credit rating on Australia-based GAIP. The outlook remains stable. On Oct. 28, 2016, S&P Global Ratings revised its assessment of GAIP's
