Moody's: Swire Pacific unaffected

Moody's Investors Service said it sees no impact on Swire Pacific's A3/stable rating following its 82%-owned subsidiary Swire Properties' announcement that it plans to raise debt through its new medium-term notes program.

"Despite Swire Properties' intention to raise standalone debt, we expect that debt proceeds will be used to repay intercompany loans and so flow up to the parent. Swire Pacific will then, in turn, utilize funds received in the repayment of external bank lines," Moody's senior credit officer Laura Acres said in a news release.

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