Small portfolio of good-quality shopping center assets Favorable market position for majority of the assets Modest portfolio diversity by geography and tenant base Exposure to competitive developments Conservative gearing policy Significant developments/expansion to maintain asset quality Exposure to retail spending trends Australian Prime Property Fund Retail's (APPF Retail) business and financial risk profiles reflect an anchor score of 'aa-'. However, as the fund could technically increase its gearing (total debt to total assets) to the upper end of its policy range of 15% for opportunistic development projects, we have applied a "negative" financial policy modifier that lowers the rating by one notch below the anchor to 'A+'. The stable rating outlook reflects the fund's stable cash flow profile and our
