S&P: Sun Hung Kai notes A+

Standard & Poor's said it assigned an A+ long-term issue rating and cnAAA long-term Greater China regional scale rating to Sun Hung Kai Properties (Capital Market) Ltd.'s 10-year dollar-denominated senior unsecured notes.

Sun Hung Kai Properties (Capital Market) is a subsidiary of Sun Hung Kai Properties Ltd.

The notes will be a drawdown under its $7 billion medium-term notes program that the parent company unconditionally and irrevocably guarantees, S&P said.

The proceeds will be used for lending to the members of the group for general corporate purposes.

The ratings reflect steady growth in the company's high-quality investment property portfolio in Hong Kong and China, the agency said.

Sun Hung Kai has the largest and most diversified investment property portfolio among peers in Hong Kong, S&P said. Its assets include mass market and high-end residential projects, offices and shopping malls, the agency said.

The company's exposure to the risky Chinese real estate market partly offsets these strengths, S&P said.

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