XE.com - TEXT-S&P: Rates Charter Hall Retail Finance Series 4 ...

(The following was released by the rating agency)

OVERVIEW

-- Charter Hall Retail Finance Pty Ltd. Series 4 is a commercial real estate securitization involving a secured loan ultimately supported by mortgages over 40 retail properties throughout Australia.

-- We have assigned a preliminary rating of 'AAA (sf)' to the class A of Series 4 notes to be issued by Charter Hall Retail Finance Pty Ltd.

-- The preliminary rating reflects our opinion of the transaction's credit support in the form of overcollateralization, collateral portfolio, and other features based on our current criteria and assumptions.

MELBOURNE (Standard & Poor's) Sept. 1, 2011--Standard & Poor's Ratings Services today assigned its preliminary rating of 'AAA (sf)' to the A$250 million class A of Series 4 commercial mortgage-backed securities (CMBS) to be issued by Charter Hall Retail Finance Pty Ltd. (formerly Macquarie CountryWide Finance Pty Ltd.). Most of the proceeds from Series 4 are to be applied to refinance the existing CMBS, Macquarie CountryWide Finance Pty Ltd Series 3.

The preliminary rating is based on:

-- Our view of the quality of the underlying collateral portfolio supporting the loan;

-- Our view that the credit support, in the form of overcollateralization, is sufficient to withstand the stresses we apply;

-- Our view of the security package and structural framework within the transaction;

-- Our expectation that the various mechanisms to support liquidity within the transaction are sufficient under our stress assumptions to ensure timely payment of interest;

-- Our view of the borrower and property manager's ability to manage the collateral portfolio and make payments under the loan;

-- Our expectation of the timely payment of interest and ultimate payment of principal by Sept. 28, 2017 for the notes.

A copy of Standard & Poor's complete report for Charter Hall Retail Finance Pty Ltd. Series 4 can be found on Global Credit Portal, Standard & Poor's Web-based credit analysis system, at www.globalcreditportal.com.

The issuer has not informed Standard & Poor's (Australia) Pty Ltd. whether the issuer is publicly disclosing all relevant information about the structured finance instruments the subject of this rating report or whether relevant information remains non-public.

RELATED CRITERIA AND RESEARCH

-- Principles of Credit Ratings, Feb. 16, 2011

-- Criteria: Counterparty and Supporting Obligations Update, Jan. 13, 2011

-- Criteria: Counterparty and Supporting Obligations Methodology and Assumptions, Dec. 6, 2010

-- Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 2009

-- Minimum Tail Period for Australian and New Zealand CMBS Transactions, July 2008

-- Guide to Legal Issues in Rating Australian Securitization, March 2005

Keywords: MARKETS RATINGS CHARTERHALL

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