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Moody's Upgrades SHK PPT Rating Outlook to 'Stable'
Recommend 5 Positive 7 Negative 6 |
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Rating agency Moody's affirmed the A1 ratings of the backed senior unsecured notes of Sun Hung Kai Properties (Capital Market) Ltd. and the provisional (P)A1 rating for its multicurrency medium-term note (MTN) program. Both the notes and MTN program are unconditionally and irrevocably guaranteed by SHK PPT (00016.HK). Moody's also upgraded its rating outlook from 'Negative' to 'Stable'. The rating affirmation and outlook adjustment to stable reflects the expectation that SHK PPT's net debt level will continue to decline over the next 2-3 years, benefiting from a significant improvement in contracted sales over the past 12 months and its prudent financial management, Stephanie Lau, Vice President and Senior Credit Officer at Moody's, said. These factors will provide sufficient buffer to withstand potential weakening earnings in a persistently challenging real estate market environment. AASTOCKS Financial News Website: www.aastocks.com |
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