Quay 62, a multi-seller securitization vehicle, will issue the five-year, floating-rate bonds, which have a final maturity date in 2008.

S&P's ratings reflects the quality of the firm's collateral, cash flow coverage and debt levels as well as credit and liquidity support, says the New York-based rating agency. The transaction offers AMP "the ability to raise further funding in the form of subordinated bond debt or additional rated notes, provided a rating affirmation is obtained," says Ashley Reid, S&P's associate director of structured finance, in a prepared statement. p>Rob Morrison, director of property, Asia Pacific, for AMP Henderson, notes that, "Through this issue, AMP is able to access cheaper debt with a better S&P rating than would otherwise be possible. We envisage this kind of debt structure being suitable for other unlisted property trusts in the future."

AMP Henderson Global Investors, the responsible entity for AMP Industrial Trust, is a subsidiary of AMP Ltd. that, with its subsidiaries, manages more than $296 billion in real estate assets worldwide.