June 15, 2012
SHKP welcomes S&P's affirmation of the company's A+ rating
Hong Kong 15 June 2012: Sun Hung Kai Properties (SHKP) welcomes the affirmation of its A+ rating by Standard & Poor's (S&P), which shows that the rating agency recognizes the company's well-balanced business model with high-quality recurring investment cashflows and prudent financial management.
Commenting on the affirmation, S&P said: "We affirmed the rating because SHKP's daily operations and the execution of its well-defined strategy have remained intact."
S&P also said that: "The affirmation reflects our expectation that the company will maintain a "modest" financial risk profile and a "strong" business risk profile."
SHKP Executive Director and Chief Financial Officer Patrick K W Chan said "We are pleased that S&P has affirmed our A+ rating today, and we are also pleased that they have removed SHKP from their "CreditWatch Negative list" and assigned us to "Negative Outlook". This signals positively that recent events appear to have had no material impact to-date on the operations or strong financial profile of the company. It also signals that the level of scrutiny is lowered, with a longer time horizon."
S&P's definition for "CreditWatch Negative list" means that it would need to resolve the rating decision within 90 days, while "Negative Outlook" indicates that the timeframe for reviewing the direction of the rating is much longer and can stretch to 24 months.
Mr Chan said SHKP will continue to communicate regularly with rating agencies to ensure that they are informed about the company's latest developments.
Michelle Leung (Tel: 2828 5103 / 9400 6408)
Brenda Wong (Tel: 2828 5164 / 9133 9744)
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