S&P gives Swire Pacific notes A-

Standard & Poor's said that it had assigned its A- issue rating to the proposed issue of HK$385 million of fixed-rate senior unsecured notes by Swire Pacific MTN Financing Ltd. due September 2018.

The proposed issue is a drawdown under a $3.0 billion medium-term notes program offered by Swire Pacific MTN Financing and guaranteed by Swire Pacific Ltd. (A-/positive), the agency noted.

The proceeds will be used for general working capital.

According to the agency, the rating on Swire Pacific Ltd. reflects the company's recurring income from high-quality investment properties in Hong Kong, its consistent performance from a diverse business portfolio, and good financial management and flexibility.

© 2015 Prospect News.
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