Research Update: Ratings On Goodman Group Affirmed At ?BBB?; Outlook Revised To Stable From Negative On Reduced Gearing Nov 11

Standard & Poors, November 2011

Abstract
The recent fiscal 2011 results and deleveraging efforts undertaken by Goodman Group (GMG) have reduced the pressure on the 'BBB' rating. As a result, we have revised the outlook to stable from negative. We believe that GMG's satisfactory business risk profile remains the stronger component of the 'BBB' rating. The intermediate financial risk profile remains a key rating sensitivity. On Nov. 24, 2011, Standard & Poor's Ratings Services affirmed its 'BBB' long-term corporate credit and debt issue ratings on Australia-based real estate investment trust Goodman Group. At the same time, the outlook was revised to stable from negative. The rating on Goodman Group (GMG) reflects our opinion of the group's solid Australasian market position and growing presence in Europe and...

Companies mentioned in this report are: Goodman Group,Goodman Industrial Finance (Aust) Pty Ltd.,MGI HK Finance,MG Finance Australia Trust,MG Finance Singapore PTE LTD,MG Finance Luxembourg sarl,MG Property Opportunities sarl,MG Finance (Jersey) Ltd,Goodman Industrial Trust,Goodman Australia Finance Pty Ltd.,Goodman PLUS Trust,Goodman Finance (Jersey) Ltd.,Goodman Finance (Lux) sarl
Action: Affirmed
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Goodman Group,Goodman Industrial Finance (Aust) Pty Ltd.,MGI HK Finance,MG Finance Australia Trust,MG Finance Singapore PTE LTD,MG Finance Luxembourg sarl,MG Property Opportunities sarl,MG Finance (Jersey) Ltd,Goodman Industrial Trust,Goodman Australia Finance Pty Ltd.,Goodman PLUS Trust,Goodman Finance (Jersey) Ltd.,Goodman Finance (Lux) sarl

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