The ratings on Goodman Australia Industrial Fund (GAIF), an unlisted Australia-based wholesale property trust, reflect our views of the fund's "satisfactory" business risk profile. The fund's relatively stable cash flow generation from a high-quality portfolio of industrial and office park assets relative to the industry average, solid lease-maturity profile; high occupancy levels; and a solid market position supported by an experienced property management team underpin the business risk profile. These strengths are partly tempered by the fund's "intermediate" financial risk profile, susceptibility to cyclical real-estate-market conditions, and the potential for increased exposure to property development. The fund's strategy to invest in prime industrial and business space assets as well as its diversified tenant base help to underpin the portfolio's asset
