Property trusts seek fresh credit ratings 11 May 2009 5:02PM Philip Bayley As a possible precursor of things to come Standard & Poor's assigned an 'A-' corporate credit rating to AMP Capital Shopping Centre Fund with a stable outlook. The assignment of the rating follows the refinancing last year of maturing CMBS (Quay 62 Pty Ltd Series 2005-1) with bank credit lines. The over-collateralised, secured bank lines received an 'A' rating. The outlook on the ratings is stable.A former AMP stable mate, subsequently sold to Westfield, AMP Shopping Centre Trust was a prolific issuer in the domestic market, along with siblings AMP Diversified Fund, sold to Stockland Group, and AMP Office Trust, ultimately sold to Multiplex. These three were listed entities while AMP Capital Shopping Centre Fund is an unlisted wholesale property fund. While the credit rating for AMP Capital Shopping Centre Fund appears to have been obtained to meet the internal needs of the banks, the rating may also prove to be the precursor of bond issuance in the domestic market at a later date.