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Moody's assigns Hysan securities A3
Moody's Investors Service said it assigned an A3 rating to the proposed senior unsecured perpetual securities to be issued by Elect Global Investments Ltd. and guaranteed by Hysan Development Co., Ltd.
“The A3 rating primarily reflects Hysan's stable recurring income and high profitability, underpinned by its high-quality investment properties in Hong Kong SAR's prime shopping district of Causeway Bay. These factors mitigate the group's high geographic concentration and moderate scale," said Stephanie Lau, a Moody's vice president and senior analyst, in a press release.
The rating also reflects the senior unsecured nature of these securities, given they will rank pari passu with all other unsubordinated and unsecured obligations of the issuer and guarantor, Lau added.
The proceeds will be used for general corporate purposes.
The outlook remains stable.
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