Swire Properties Ltd. Rating #A-# Affirmed With Negative Rating Then Withdrawn At The Company#s Request

Stocks and Financial Services Press Releases Monday October 16, 2017 17:41
HONG KONG--16 Oct--S&P Global Ratings

HONG KONG (S&P Global Ratings) Oct. 16, 2017--S&P Global Ratings today affirmed its 'A-' long-term corporate credit rating on Swire Properties Ltd. with a negative outlook. We also affirmed our 'A-' long-term issue rating on Swire Properties' medium-term notes (MTN) program. We subsequently withdrew the ratings on Swire Properties and the MTN program at the company's request.

The rating reflected our view of Swire Properties' strong market position in Hong Kong's Grade-A commercial property market. The company has an established brand name, and good asset quality across a well-diversified portfolio of retail, office, and hotel properties in Hong Kong, China, and the U.S. We believe Swire Properties will continue to generate robust and stable income from its commercial portfolio. We estimate the company's financial ratios will weaken moderately in the next two years due to high capital expenditure and declining contributions from residential property trading. Nonetheless, its capital spending will gradually decline from 2018 onward after the completion of its One Taikoo Place project in Hong Kong and a mixed-use complex, HKRI Taikoo Hui, in Shanghai.

The negative outlook on Swire Properties Ltd. reflected that on parent Swire Pacific Ltd. We consider Swire Properties to be a core member of the Swire Pacific group. In our view, any deterioration in the group credit profile could weaken the property arm's business and financial position due to the parent's strong influence over the Swire Properties' strategy, operations, and financial management. Our rating on Swire Properties was lower than its stand-alone credit profile of 'a'.

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