S&P rates Hysan notes BBB+

Standard & Poor's said it assigned a BBB+ long-term issue rating and cnA+ long-term Greater China regional scale rating to a proposed issue of dollar-denominated senior unsecured notes by Hysan (MTN) Ltd.

The issuance is under the company's $1 billion medium-term notes program and is guaranteed by Hysan Development Co. Ltd. The proceeds will be used to refinance its existing debt and for general corporate purposes.

The rating reflects the company's growing recurring rental income from its portfolio of well-located investment properties, S&P said.

The rating also considers Hysan's low leverage, conservative and consistent financial management and exceptional liquidity, the agency said.

The company's small scale and the high geographic concentration of its property portfolio temper these strengths, S&P said.

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