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Issuer Ranking: Asia-Pacific REITS And Real Estate Operating Companies Ranking--Strongest To Weakest

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Issuer Ranking: Asia-Pacific REITS And Real Estate Operating Companies Ranking--Strongest To Weakest

S&P Global Ratings ranks its rated Asia-Pacific REIT companies and landlords by rating and outlook. We've provided the stand-alone credit profile (SACP), business risk profile, and financial risk profile of each company for informational purposes only. Companies are ranked by rating and outlook. Investment-grade companies are ranked first by business risk profile, and then financial risk profile. Speculative-grade companies are ordered by financial risk profile first, and then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors. We have also listed the primary analyst for each company.

Asia-Pacific REITs--Strongest To Weakest
Org name Foreign currency long-term rating* Outlook/CreditWatch SACP Business risk profile Financial risk profile Primary analyst

Defence Housing Australia

AA+ Stable bbb+ Strong Modest Wang, Puchen

Frontier Real Estate Investment Corp.

A+ Stable a+ Strong Modest Misumi, Yuta

Japan Real Estate Investment Corp.

A+ Stable a+ Strong Modest Misumi, Yuta

Mitsubishi Estate Co. Ltd.

A+ Stable a+ Strong Modest Misumi, Yuta

Nippon Accommodations Fund Inc.

A+ Stable a+ Strong Modest Misumi, Yuta

Nippon Building Fund Inc.

A+ Stable a+ Strong Modest Misumi, Yuta

Scentre Group

A Stable a Excellent Intermediate Parker, Craig W

DEXUS Wholesale Property Fund

A Positive a Strong Minimal Ang, Aldrin

AMP Capital Shopping Centre Fund

A Stable a Strong Minimal Ang, Aldrin

Hongkong Land Holdings Ltd.

A Stable a Strong Modest Chung, Oscar

IFC Development Ltd.

A Stable a Strong Modest Lau, Jay

Japan Metropolitan Fund Investment Corp.

A Stable a Strong Modest Yoshida, Ryohei

Link Real Estate Investment Trust

A Stable a Strong Modest Gao, Fan

Vicinity Centres

A Stable a Strong Intermediate Parker, Craig W

Mitsui Fudosan Co. Ltd.

A Negative a Strong Modest Misumi, Yuta

GPT Group

A Negative a Strong Intermediate Ang, Aldrin

CapitaLand Integrated Commercial Trust

A- Stable a- Excellent Significant Ong, Hwee Yee

BWP Trust

A- Stable a- Strong Minimal Ang, Aldrin

Australian Prime Property Fund Commercial

A- Stable a- Strong Modest Wang, Puchen

Dexus

A- Stable a- Strong Modest Playfair, Sam

GPT Wholesale Office Fund

A- Stable a- Strong Modest Lisov, Alexander

Investa Commercial Property Fund

A- Stable a- Strong Modest Lisov, Alexander

Stockland

A- Stable a- Strong Modest Parker, Craig W

Goodman Australia Industrial Partnership

A- Stable a- Strong Intermediate Lee, Shannon

Mirvac Wholesale Office Fund

A- Stable a- Strong Intermediate Ang, Aldrin

QIC Town Centre Fund

A- Stable a- Strong Intermediate Ang, Aldrin

Swire Pacific Ltd.

A- Stable a- Strong Intermediate Wang, Chloe

Goodman Group

BBB+ Stable bbb+ Strong Modest Parker, Craig W

Frasers Logistics & Commercial Trust

BBB+ Stable bbb+ Strong Intermediate Ong, Hwee Yee

QIC Property Fund

BBB+ Stable bbb+ Strong Intermediate Ang, Aldrin

Australian Prime Property Fund Retail

BBB+ Stable bbb+ Satisfactory Intermediate Wang, Puchen

Goodman Hong Kong Logistics Partnership

BBB+ Stable bbb+ Satisfactory Intermediate Ling, Wilson

GPT Wholesale Shopping Centre Fund

BBB+ Stable bbb+ Satisfactory Intermediate Lisov, Alexander

Charter Hall Prime Office Fund

BBB Stable bbb Strong Significant Lisov, Alexander

Frasers Centrepoint Trust

BBB Stable bbb Strong Significant Ong, Hwee Yee

Goodman Australia Partnership

BBB Stable bbb Satisfactory Intermediate Lee, Shannon

Goodman Property Trust

BBB Stable bbb Satisfactory Intermediate Lee, Shannon

Kiwi Property Group Ltd.

BBB Stable bbb Satisfactory Intermediate Wang, Puchen

AEON Mall Co. Ltd.

BBB Negative a- Strong Modest Yoshimura, Makiko

GLP Pte. Ltd.

BBB- Negative bbb- Satisfactory Intermediate Chen, Fiona

Yuexiu Real Estate Investment Trust

BBB- Negative bbb- Satisfactory Significant Gao, Fan

Dalian Wanda Commercial Management Group Co. Ltd.

BB+ Negative bbb- Satisfactory Intermediate Cheng, Iris
*Ratings as of Feb. 17, 2023. SACP--Stand-alone credit profile. Source: S&P Global Ratings.

This report does not constitute a rating action.

Primary Credit Analyst:Simon Wong, Singapore (65) 6239-6336;
simon.wong@spglobal.com
Secondary Contacts:Aldrin Ang, CFA, Melbourne + 61 3 9631 2006;
aldrin.ang@spglobal.com
Esther Liu, Hong Kong + 852 2533 3556;
esther.liu@spglobal.com
Edward Chan, CFA, FRM, Hong Kong + 852 2533 3539;
edward.chan@spglobal.com
Hiroyuki Nishikawa, Tokyo (81) 3-4550-8751;
hiroyuki.nishikawa@spglobal.com
Hwee Yee Ong, CFA, Singapore +65 6597-6193;
hwee.yee.ong@spglobal.com
Craig W Parker, Melbourne + 61 3 9631 2073;
craig.parker@spglobal.com
Puchen Wang, Melbourne (61) 3-9631-2099;
puchen.wang@spglobal.com
Yuta Misumi, Tokyo +81 3 4550 8674;
yuta.misumi@spglobal.com
Oscar Chung, CFA, Hong Kong +(852) 2533-3584;
oscar.chung@spglobal.com
Jay Lau, Hong Kong +852 2533 3568;
jay.lau@spglobal.com
Ryohei Yoshida, Tokyo + 81 3 4550 8660;
ryohei.yoshida@spglobal.com
Fan Gao, Hong Kong + (852) 2533-3595;
fan.gao@spglobal.com
Sam Playfair, Melbourne + 61 3 9631 2112;
sam.playfair@spglobal.com
Alexander Lisov, Melbourne + 61 3 9631 2167;
alexander.lisov@spglobal.com
Shannon Lee, Melbourne +61 3 9631 2175;
shannon.lee@spglobal.com
Chloe Wang, Hong Kong + 852-25333548;
chloe.wang@spglobal.com
Wilson Ling, Hong Kong +852 25333549;
wilson.ling@spglobal.com
Makiko Yoshimura, Tokyo (81) 3-4550-8368;
makiko.yoshimura@spglobal.com
Fiona Chen, Singapore + 65 6216 1085;
fiona.chen@spglobal.com
Research Contributor:Tanmay Gunjal, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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