The rating on AMP Capital Shopping Centre Fund (ASCF) reflects our view of the Australian-based fund's strong business risk profile, which is underpinned by solid asset quality and our expectation of a stable retail portfolio that exhibits sound cash flow, despite a sluggish Australian retail trading environment. Also underpinning the rating is ASCF's conservative financial policies, and our expectation that management will continue its prudent growth strategy. These credit strengths are partly offset by the risks associated with the fund's asset-redevelopment activity and exposure to cyclical consumer and tenant demand. The responsible entity of ASCF is AMP Capital Investors Ltd., a wholly owned subsidiary of AMP Ltd., which is the ultimate controlling entity of Australian wealth-management group AMP Group Holdings
