S&P rates Link notes A

S&P said it assigned an A long-term issue rating to a proposed issue of dollar-denominated senior unsecured notes by Link 2019 CB Ltd.

The notes will be guaranteed by entities that comprise Link Real Estate Investment Trust, including the Link Holdings Ltd., the LINK Properties Ltd. and HSBC Institutional Trust Services (Asia) Ltd.

Link REIT's debt consists of HK$22 billion in unsecured debt as of Sept. 30, 2018, S&P said.

The agency said it does not see any material risks in Link REIT's capital structure, the agency said.

Therefore, the issue rating is the same as the issuer credit rating on the REIT, S&P said.

The proceeds will be used to refinance existing debt and for general corporate purposes, the agency said.

The company has a good market position in the non-discretionary retail property segment, mainly in Hong Kong, S&P said.

Link has a high appetite for acquisitions, particularly in China, but the company will remain prudent in its financial management, the agency said.

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