Moody's rates Swire notes A3

Moody's Investors Service said it assigned an A3 rating to the senior unsecured fixed-rate notes to be issued by Swire Pacific MTN Financing Ltd., a wholly-owned financing subsidiary of Swire Pacific Ltd.

The outlook is stable.

The $500 million 10-year notes are irrevocably and unconditionally guaranteed by Swire and are pursuant to its $3 billion medium-term note program. The proceeds will be used primarily for refinancing and general corporate purposes.

The rating is underpinned by steady rental income generated from a high-quality investment property portfolio in Hong Kong, Moody's said. This portfolio continued to generate strong cash flow in the first half of 2009, the agency said.

The rating further reflects its diversified business mix, which includes aviation, beverages, marine services, and trading and industrial operations, Moody's said.

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