Moody's: Sun Hung negative

Moody's Investors Service said it maintains he negative outlook on the A1 senior unsecured rating of Sun Hung Kai Properties Ltd. following the Independent Commission Against Corruption's announcement that the company's two co-chairmen and a board member have been charged in a bribery case.

"The latest development is credit negative for Sun Hunk, as its reputation is now further at risk. Moreover, the co-chairmen and senior management could be distracted by the legal proceedings," Moody's senior vice president Peter Choy said in a news release.

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