S&P rates IFC Development

Standard & Poor's said it assigned an A long-term issue rating and cnAA+ long-term Greater China regional scale rating to a proposed issue of senior unsecured notes by IFC Development (Corporate Treasury) Ltd.

IFC Development Ltd. unconditionally and irrevocably guarantees the Hong Kong dollar-denominated fixed-rate notes.

The proceeds will be used to refinance an existing shareholder loan, S&P said.

The notes are ranked pari passu to IFC's other senior unsecured debt, the agency said.

The ratings reflect the company's strong market position and the high asset quality of its single asset, S&P said.

The agency said it expects the company to maintain strong positive free cash flow of about HK$3 billion each year, given IFC's prime location, good tenant quality, high occupancy rate and limited capital expenditure requirements.

The company's single-asset concentration and short-lease terms by international standards constrain the rating, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.