For Immediate Release

July 21, 2003

Sun Hung Kai Properties (SHKP) today queried a new rating report issued by Fitch Ratings, saying that the new, unsolicited rating did not reflect SHKP's present financial strength. The company's financial position has been improving with debt levels coming down over the year. SHKP's gearing, as represented by its net debt to shareholders' funds ratio, reduced from 15.6% in June 2002 to approximately 12% at present. SHKP adheres to conservative financial policies, with high liquidity and low gearing, and all its credit facilities are unsecured, most on a committed basis.

An SHKP spokesperson questioned the new rating of 'A-', which is lower than the Hong Kong government's sovereign debt, pointing out that Moody's rates the company on a par with government debt. The spokesperson also stressed that SHKP has not provided Fitch Ratings with any detailed and relevant information that could lead to a proper credit assessment. She also noted that the accompanying report has a limited focus and omits detailed analysis of SHKP's overall position and operations.

© Copyright 1996-2012 irasia.com Ltd. All rights reserved.

DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any information provided on this website. Under no circumstances shall irasia.com Ltd be liable for damages resulting from the use of the information provided on this website. TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website.