S&P affirms Sun Hung Kai

Standard & Poor's said it affirmed the A+ long-term corporate credit rating on Sun Hung Kai Properties Ltd. The outlook is negative.

The agency said it also affirmed the A+ issue ratings on the company's outstanding guaranteed senior unsecured notes. At the same time, S&P said it affirmed its cnAAA long-term Greater China credit scale rating on Sun Hung Kai and the cnAAA ratings on its notes.

The agency said it also removed all the ratings from CreditWatch, where they had been placed with negative implications on March 30.

"We affirmed the rating because SHKP's daily operations and the execution of its well-defined strategy have remained intact despite the recent arrests of four directors and a related anti-corruption investigation," said S&P credit analyst Bei Fu in a news release.

"The negative outlook reflects the uncertain outcome of the ongoing investigation by the Independent Commission Against Corruption. In a worst-case scenario, the top management of the company could be destabilized," said Fu.

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