Moody’s affirms Sun Hung Kai

Moody's Investors Service said it affirmed the A1 ratings on Sun Hung Kai Properties (Capital Market) Ltd.'s backed senior unsecured notes.

The notes are unconditionally and irrevocably guaranteed by parent Sun Hung Kai Properties Ltd.

The outlook remains stable.

The agency said the action follows Sun Hung’s announcement that its wholly owned subsidiaries Century Opal and Max Century have acquired a commercial land plot located in West Kowloon for HK$42.2 billion.

“The proposed acquisition will raise execution risks and weaken SHKP's financial profile, but the impact will be manageable given its adequate financial buffer, the prime location of the project and its strong execution capability,” said Stephanie Lau, vice president and a Moody's senior analyst, in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.