Moody's assigns Hongkong Land notes A2

Moody's Investors Service said it assigned an A2 rating to the dollar-denominated senior unsecured notes due 2024 issued by the Hongkong Land Finance (Cayman Islands) Co. Ltd.

The rating is based on the unconditional and irrevocable guarantee provided by Hongkong Land Co. Ltd. (HKLC).

The notes are being issued under the $5 billion medium-term note program (provisional A2) guaranteed by HKLC. The proceeds will be used for general corporate activities.

The outlook is stable.

"The new debt issue will extend the debt maturity profiles of both HKLC and Hongkong Land Holdings Ltd. (HKLH, collectively "the HKL group"), and further strengthen their already solid liquidity profiles," Moody's vice president and senior analyst Kaven Tsang said in a news release.

"The new drawdown will only moderately increase the group's debt leverage, as part of the proceeds will be used for refinancing existing debt."

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