Moody's assigns Hysan hybrids Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed dollar-denominated subordinated perpetual capital securities to be issued by Elect Global Investments Ltd. and guaranteed by Hysan Development Co., Ltd. The outlook is stable.

The proceeds will be used by Hysan for general corporate purposes.

"We consider the proposed subordinated perpetual securities as hybrid instruments, and the Baa2 rating reflects the deeply subordinated nature of these securities," said Stephanie Lau, a Moody's vice president and senior analyst, in a press release.

"Although the proposed issuance will increase Hysan's debt leverage, its credit metrics will remain robust and within the parameters set for its A3 rating level," said Lau, who is also the lead analyst for Hysan.

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