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TEXT-S&P summary: AMP Capital Wholesale Office Fund
August 21, 2012 / 7:27 AM / 5 years ago

TEXT-S&P summary: AMP Capital Wholesale Office Fund

(The following statement was released by the rating agency)

Aug 21 -

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Summary analysis -- AMP Capital Wholesale Office Fund ------------- 21-Aug-2012

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CREDIT RATING: A-/Stable/-- Country: Australia

Primary SIC: Real estate

investment

trusts

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Credit Rating History:

Local currency Foreign currency

11-Dec-2011 A-/-- A-/--

19-Nov-2009 A-/-- --/--

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Rationale

The rating on AMP Capital Wholesale Office Fund (AWOF) reflects our view of the Australia-based fund’s “strong” business risk profile and “modest” financial risk profile. Supporting the rating is the fund’s high-quality and well-located portfolio of office assets, conservative investment and operating strategy, and moderate financial policies. These credit strengths are partly offset by AWOF’s exposure to the office property market, which is subject to volatile business and economic activity, as well as variable tenant demand. In addition, AWOF faces potentially large and lumpy capital expenditure due to funding requirements for the fund’s refurbishment and possible development plans.

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