S&P: Kerry Properties stable

Standard & Poor's said it affirmed its BBB- corporate credit rating on Kerry Properties Ltd. and at the same time, the outlook on the rating was revised to stable from negative.

The change in outlook reflects an improvement in Kerry Properties' 2003 debt coverage measures as a result of solid investment property and warehouse rentals and increased proceeds from property sales amid an increase in domestic property transactions.

S&P said the rating on Kerry Properties reflects the company's predictable income generated from investment properties and warehouses, its considerable asset diversity, and its strong liquidity. These factors are moderated by the below-average performance of the company's Hong Kong property development business, and its exposure to higher-risk property assets in mainland China.

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