BPI No.1 Pty Ltd. Rating Affirmed

Stocks and Financial Services Press Releases Thursday July 14, 2016 16:02
MELBOURNE--14 Jul--S&P Global Ratings
MELBOURNE (S&P Global Ratings) July 14, 2016--S&P Global Ratings todayaffirmed its 'A- (sf)' rating on BPI No.1 Pty Ltd. partially amortizing seniorsecured bonds (SSB).

The payments on the bonds are supported by lease payments from 15 bulky goodsretail stores leased to Bunnings Group Ltd. throughout Australia. The leasepayments are guaranteed by Bunnings' parent, Wesfarmers Ltd. Our rating onWesfarmers Ltd. is 'A-/Negative/A-2'.

Our rating on the bonds is credit-linked to the rating on Wesfarmers. Therating also relies on the hedging arrangements supported by a novationarrangement, whereby the swap can be novated to Wesfarmers if the initial swapprovider fails to perform under the swap arrangement.

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