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. To reflect a slowing down in consumer spending, we havealready factored in a more conservative stance in our retail rental rateexpectations and expect an annual decline of 5% in rental rates for FY09and FY10. Earlier, we have also already factored in an increase inborrowing costs of +100bp for FY09 in anticipation of higher borrowing costdue to the tight credit market. We are expecting a FY09 DPU of 15.1 S-centswhich translates into a yield of 9.4%. Based on a 15% discount to our RNAVforecast, we are keeping our fair value of S$1.94 for CMT. As upside toshare price is still 21.4%, we maintain our BUY rating on CMT.