Strong quality of its retail assets based in Australia High occupancy Concentration of properties in Victoria Development exposure Financial policies that support an "intermediate" financial risk profile Large and lumpy capital expenditure requirements Stable earnings and cash flows The stable outlook reflects our view that GPT Wholesale Shopping Centre Fund (GWSCF) will continue to adhere to its financial policies while undertaking its redevelopment program and planned acquisitions. As a result, we anticipate that the fund will prudently improve its scale and scope, asset quality, and geographic diversity. Downward rating pressure could occur if GWSCF were to remain persistently at the upper-end of its target gearing range without a plan to lower debt in the short term, or if the fund
