Going into 2009, refinancing of borrowings will remain theoverhanging concern for CapitaMall Trust (CMT). We also believe that therisk of credit rating downgrade is higher now given the current tightcredit market and slowing retail rental rates and a downgrade couldpotentially raise CMT's cost of refinancing and affect its futuredistributions. We take a more conservative stance in our retail rental rateexpectations and adjust our rental forecast from 0% to -5% per annum forFY09 and FY10. To reflect the tight credit market conditions, we are nowfactoring a higher increase in borrowing costs for FY09, from our previousforecast of +60bp to +100bp now. Our FY09 DPU forecast has been cut by6.8%, from 16.2 S-cents to 15.1 S-cents. A 15% discount has been ascribedto our RNAV and our fair value of CMT has now been lowered from S$2.57 toS$1.94. As upside to share price is still 35.7%, we maintain our BUY ratingon CMT.