S&P rates Wharf Finance notes BBB

Standard & Poor's said it assigned its BBB issue rating to a proposed issue of $300 million-$400 million of fixed-rate senior unsecured notes by Wharf Finance Ltd.

At the same time, S&P said it affirmed its BBB long-term corporate credit rating on Wharf (Holdings) Ltd., which guarantees the notes.

The outlook is stable.

The proposed notes, due 2017, will be issued under an existing $1 billion medium-term note program and will be used for general corporate purposes, the agency said.

The rating affirmation reflects Wharf Holdings's high-quality investment properties and container terminal investments and adequate financial profile while these factors are balanced by the cyclicality of the Hong Kong property market and the low profitability of the competitive communications, media and entertainment sector, the agency noted.

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