S&P affirms Kerry Properties

Standard & Poor's said it affirmed its BBB- long-term corporate credit rating on Kerry Properties Ltd. The outlook is positive.

S&P also affirmed the BBB- long-term issue rating on the company's guaranteed outstanding senior unsecured notes. At the same time, S&P affirmed the cnA- long-term Greater China regional scale rating on Kerry and the notes.

"We affirmed the rating because we expect Kerry's proportion of rental income and property sales from China to continue to grow over the next 12 months, offsetting a weaker Hong Kong property market," said S&P credit analyst Cindy Huang in a news release.

"We also anticipate that Kerry will steadily increase its recurring income base from a growing portfolio in China."

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