Moody's lifts Swire Pacific view to stable

Moody's Investors Service said it revised Swire Pacific Ltd.'s outlook to stable from negative.

Moody's also said it affirmed the company's A3 senior unsecured bond ratings.

The agency also affirmed the provisional A3 senior unsecured medium-term notes rating on Swire Pacific MTN Financing Ltd.'s medium term note program and the A3 senior unsecured ratings on the notes issued under the program.

The outlook for Swire Pacific MTN Financing also was revised to stable from negative.

Moody's also said it affirmed the A2 issuer rating on Swire Properties.

The stable outlook on Swire Properties Limited and Swire Properties MTN Financing Ltd. is unchanged.

Swire Properties recently announced that it entered into a sale and purchase agreement for the sale of Cityplaza Three and Four for a cash consideration of HK$15 billion, with HK$3 billion payable in 2018 and the remaining HK$12 billion in 2019, Moody's explained.

The change in outlook to stable primarily reflects an expectation that the majority of the sales proceeds will be used to pay down Swire Properties' debt, thereby lowering the leverage position of its parent, Swire Pacific, the agency said.

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