Strong quality of its Australia-based retail assets Concentrated portfolio with largest single-asset exposure of 47% Development pipeline that we expect to enhance asset quality Sizable capital-expenditure requirements Stable earnings and cash flows Supportive financial policies despite weaker financial risk profile The negative outlook reflects our expectation that GPT Wholesale Shopping Centre Fund (GWSCF) will seek to reduce its single asset exposure over time, and that its proposed capital management initiatives will partially offset the deterioration in its credit metrics. However, the fund's exposure to a single asset remains the key risk, and we expect the manager's initiatives to moderate this exposure and reduce debt to be indicators of support for the 'A-' rating. We would consider a downgrade if the
