Small portfolio of good-quality, shopping center assets across Australia Favorable market position for majority of the assets Modest portfolio diversity by geography and tenant base Exposure to softening retail market conditions Debt-funded developments over the next two to three years Leverage likely to move to the upper end of the fund's conservative gearing range Adequate liquidity position to accommodate its capital needs 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 the fund's ongoing redevelopments will enhance the fund's asset quality and support the current credit profile. The fund could reach the upper end of its gearing range (debt to assets) of 10%-15% during
