Summary: QIC Shopping Centre Fund Dec 11

Standard & Poors, December 2011

Abstract
The ratings on QIC Shopping Centre Fund (QSCF) reflect our view of the Australia-based fund's high-quality portfolio of shopping-center assets, which provide a stable income stream. Also underpinning the ratings are 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. Partly offsetting these credit strengths are QSCF's exposure to retail property markets and a softening retail trading environment. 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$3.0 billion at Sept. 30, 2011....

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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