Moody's rates IFC Development notes A2

Moody's Investors Service said it assigned an A2 rating to the proposed senior unsecured dollar-denominated notes to be issued IFC Development (Corporate Treasury) Ltd.

The notes will be unconditionally and irrevocably guaranteed by IFC Development Ltd.

The outlook is stable.

IFC Development plans to use the proceeds from the notes for the refinancing of current borrowings and for other general corporate purposes of the group, Moody's said.

The ratings reflect the company's high quality and premium assets, proven track record of operating through economic downturns and prudent financial management as reflected by its robust financial metrics, the agency said.

IFC Development's assets are important landmarks in the central business district of Hong Kong, Moody's said.

These assets have proved to be resilient to economic downturns and continue to generate strong and recurring cash flow, the agency said.

The company's concentration in a single location is mitigated by its high-quality property assets, Moody's added.

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