S&P: Hongkong Land unchanged

Standard & Poor's said its ratings on Hongkong Land Holdings Ltd. (BBB+/stable/A-2) are not affected by a company announcement that it is making a takeover bid for MCL Land Ltd.

The ratings on subsidiary, Hongkong Land Co. Ltd. (BBB+/stable/A-2), are similarly not affected, the agency added.

S&P added the rating on Hongkong Land continues to reflect its good quality office lease portfolio, which generates a stable income stream but is constrained by relatively weak cash flow protection measures.

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