Summary: Australian Prime Property Fund Retail

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 and retail market conditions Significant debt funded developments over the next two to three years Leverage expected to move to outer end of the fund's conservative gearing policy Adequate committed lines to support developments Lower headroom at the current rating The stable rating outlook reflects Australian Prime Property Fund Retail's (APPF Retail) reasonably strong portfolio of assets and their stable cash flows. We also expect that the redevelopments underway will enhance the fund's asset quality and assist in maintaining the current credit profile. The fund could reach the upper end of its leverage

...(Editor's Note: On June 14, 2017, we republished this article, originally published on Oct. 25, 2016, to correct a description of the country risk score. A corrected version follows.)...

Summary