S&P: Swire Pacific unaffected

Standard & Poor's said that the rating on Swire Pacific Ltd. (A-/stable) was not affected by its associate Cathay Pacific Airways Ltd.'s acquisition of the remaining shares in Hong Kong Dragon Airlines Ltd. that it did not already own.

Consolidated leverage and cash flow ratios for Swire, after consolidating the company's 40% holding in Cathay, could weaken as a result of the transaction but should still remain at levels appropriate for the rating, the agency added.

S&P said that the acquisition is believed to improve Cathay's business position by giving the carrier greater access to the Chinese market.

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