Summary: AMP Capital Shopping Centre Fund

Solid asset quality and stable earnings profile Exposure to discretionary consumer spending and tenant-demand cycles Development exposure limited to 20% of gross assets Conservative financial policies Track record of funding growth from equity raising Extended debt-maturity profile The stable rating outlook on AMP Capital Shopping Centre Fund (ASCF) reflects our view that ASCF's financial flexibility and management strategies will continue to support the ratings at the current level. This would include maintaining gearing (debt-to-total assets) within the fund's targeted range of 15%-to-25% over the medium term. At the upper-end of this gearing range, we would expect that the fund will exhibit debt to EBITDA less than 4.5x and a funds from operations (FFO)-to-debt ratio at about 15%. Accordingly, we anticipate

...Outlook: Stable The stable rating outlook on AMP Capital Shopping Centre Fund (ASCF) reflects our view that ASCF's financial flexibility and management strategies will continue to support the ratings at the current level. This would include maintaining gearing (debt-to-total assets) within the fund's targeted range of 15%-to-25% over the medium term. At the upper-end of this gearing range, we would expect that the fund will exhibit debt to EBITDA less than 4.5x and a funds from operations (FFO)-to-debt ratio at about 15%. Accordingly, we anticipate that ASCF will manage its coverage measures well above these levels during periods of reduced development activity....

Summary