Moody’s rates Cheung Kong securities A2

Moody's Investors Service said it assigned an A2 rating to the proposed senior perpetual securities to be issued by Radiant Access Ltd., a wholly owned subsidiary of Cheung Kong Property Holdings Ltd. (CKP, A2 stable).

The perpetual securities will be unconditionally and irrevocably guaranteed by Cheung Kong.

The outlook is stable.

Proceeds will be used for general corporate purposes.

"The A2 rating reflects CKP's strong recurring income from its investment properties, its strong market position in Hong Kong's property development industry, the diversified character of its property operations, its good access to the bank and capital markets, and prudent approach to financial management," Moody's vice president and senior credit officer Franco Leung said in a news release.

The A2 rating also reflects the diversified state of the company's property operations, which includes property development, property investment and owning and operating hotels and serviced apartments, the agency explained.

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