S&P rates IFC Development notes A

S&P said it assigned an A long-term issue rating to the dollar-denominated guaranteed senior unsecured notes that IFC Development (Corp. Treasury) Ltd. proposes to issue.

The notes are guaranteed by IFC Development Ltd.

IFC will use the proceeds mainly to refinance existing borrowings, S&P said.

The agency said it rates IFC's guaranteed senior unsecured notes the same as the issuer credit rating, given that it does not view IFC's capital structure as having any structural or contractual subordination risks.

S&P said it continues to expect stable performance from IFC's assets, underpinned by excellent asset quality, proactive tenant management and support from three key shareholders – Sun Hung Kai Properties Ltd., Henderson Land Development Co. Ltd. and the Hong Kong and China Gas Co. Ltd.

The growing recurring rental income will continue to support healthy credit metrics in 2019 and 2020, the agency said, and give room for management to commit to a more conservative financial policy while maintaining a comfortable borrowing buffer.

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