Solid asset quality and smooth leasing profile Exposure to discretionary consumer spending and tenant-demand cycles Manageable forecast development spend Conservative financial policies Track record of funding growth with meaningful equity raisings Extended debt-maturity profile The stable rating outlook on AMP Capital Shopping Centre Fund (ASCF) reflects our view that ASCF's solid asset quality and sound operating strategies will continue to support the ratings at the current level. At the upper-end of the fund's targeted gearing range (debt-to-total assets) of 15%-25%, we expect the fund's funds from operations (FFO)-to-debt ratio would be about 15%. Accordingly, we anticipate that ASCF will manage its cash flow adequacy measures well above these levels during periods of reduced development activity. The main downside risk to
