Moody's rates IFC bonds A2

Moody's Investors Service said it assigned an A2 issuer rating to IFC Development Ltd. and a provisional (P)A2 rating to its proposed bonds. The outlook is stable.

The agency said the A2 rating reflects IFC's well-established position in the commercial property leasing business and hotel operation, the prime location of its properties in Hong Kong, the high quality of its assets, its well-managed debt maturity profile and a capital structure without development risks. In addition, IFC's close association with its parent groups (Sun Hung Kai Properties, Henderson Land and Hong Kong & China Gas) is a positive factor to support its strong access to the capital and bank markets, Moody's said.

On the other hand, the A2 rating is tempered by IFC's geographical concentration in a single location in the Central Business District in Hong Kong, Moody's said.

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