Strong quality of its Australia-based retail assets Concentrated portfolio with largest single-asset exposure of 33% Potentially enhanced asset quality due to development pipeline Large and lumpy capital-expenditure requirements Stable earnings and cash flows Potentially supportive financial policies despite weaker financial risk profile 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 market position, asset quality, and geographic diversity. Downward rating pressure could occur if GWSCF were persistently operating at the upper-end of its target gearing range without a plan to lower debt in the short term. A downgrade
