S&P rates CK Property notes A

S&P said it assigned its A long-term issue rating to the proposed senior unsecured notes that CK Property Finance (MTN) Ltd. plans to draw down from its upsized $5 billion medium-term note program. CK Asset Holdings Ltd. will guarantee the notes.

“We equalize the rating on the notes with the issuer credit rating on CK Asset because CK Asset's low leverage should limit the possibility of any senior unsecured debtholders being significantly disadvantaged relative to other debtholders,” S&P said in a press release.

The company intends to use the proceeds for general corporate and working capital purposes.

The outlook is stable.

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