Summary: QIC Shopping Centre Fund Jun 11

Standard & Poors, June 2011

Abstract
The ratings on QIC Shopping Centre Fund (QSCF) reflect our view of the Australian-based fund's high-quality portfolio of shopping-center assets, which provide a stable income stream. Also underpinning the ratings is QSCF's moderate financial policies and its ownership and management links with QIC Ltd. (QIC; not rated; formerly Queensland Investment Corp.), a Queensland government-owned statutory authority. These credit strengths are partly offset by QSCF's exposure to retail property markets, which are subject to cyclical consumer and tenant demand. Although QSCF has no current development exposure, we expect the expansion and redevelopment of existing assets will continue to play a key role in the fund's medium-term growth. QSCF has investments in nine retail assets in Australia, valued at about A$2.9 billion...

Companies mentioned in this report are: QIC Shopping Centre Fund
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

QIC Shopping Centre Fund

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