Favorable market position High-quality but small portfolio of shopping center assets Modest portfolio diversity by geography and tenant base Exposure to competitive developments Conservative gearing policy Significant capital expenditure for developments/expansion Exposure to trend in retail spend Australian Prime Property Fund Retail's (APPF Retail) business and financial risk profiles reflect in an anchor score of 'aa-'. However, we expect the fund could increase its gearing for opportunistic development/acquisition projects. The potential for higher gearing is reflected by way of a negative financial policy modifier that results in a final rating of 'A+', which is one notch below the anchor. Even at the higher end of its gearing target (total debt to total assets of 10%-15%), we expect the financial metrics
