S&P ups Hongkong Land, notes to A

Standard and Poor's said it raised its long-term corporate credit ratings on Hongkong Land Holdings Ltd. and its 100% owned subsidiary, Hongkong Land Co. Ltd., to A from A-.

At the same time, the agency raised its Greater China regional scale ratings on the companies to cnAA+ from cnAA.

S&P also raised its ratings on Hongkong Land's outstanding senior unsecured notes to A from A-.

The A-2 short-term corporate credit rating and cnA-1 short-term Greater China regional scale rating on the companies were withdrawn because they do not have outstanding short-term debt.

"We raised the ratings because we expect Hongkong Land's strong cash flow, and consistent and prudent financial management to mitigate potential headwinds in property trading and increasing leverage for new projects," S&P credit analyst Cindy Huang said in a news release.

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