S&P rates Goodman Hong Kong notes BBB+

S&P said it assigned its BBB+ long-term issue rating to the proposed drawdown of senior unsecured notes from the $2 billion euro medium-term note program guaranteed by Goodman Hong Kong Logistics Fund.

“We equalize the issue rating on the notes with the issuer credit rating on Goodman Hong Kong because we believe the company’s capital structure does not have material risks such as structural or contractual subordination,” S&P said in a press release.

Goodman HK Finance, a direct, wholly owned subsidiary of Goodman Hong Kong, will issue the notes.

Goodman Hong Kong plans to use the proceeds primarily to refinance debt.

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