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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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Announcement:

Moody's: Swire Properties' new MTN program has no impact on Swire Pacific's rating

25 May 2012

Hong Kong, May 25, 2012 -- Moody's current ratings on Swire Pacific Limited and its affiliates are:

Swire Pacific Limited

Senior Unsecured (foreign currency) rating of A3

Subordinate (foreign currency) rating of Baa1

Swire Pacific MTN Financing Limited

Backed Senior Unsecured (foreign currency) rating of A3

Backed Senior Unsecured MTN Program (foreign currency) rating of (P)A3

Swire Properties Offshore Financing Limited

Backed Senior Unsecured MTN Program (foreign currency) rating of (P)A3

Swire Pacific Capital Limited

Backed Junior Subordinate (foreign currency) rating of Baa1

Swire Properties Limited

Long-Term Issuer (foreign currency) rating of A2

Swire Properties MTN Financing Limited

Backed Senior Unsecured MTN Program (foreign currency) rating of (P)A2

RATINGS RATIONALE

Moody's Investors Service sees no impact on Swire Pacific's A3/stable rating following its 82%-owned subsidiary, Swire Properties (rated A2/stable), announcement that it plans to raise debt through its new medium term notes (MTN) programme.

"Despite Swire Properties' intention to raise standalone debt, we expect that debt proceeds will be used to repay intercompany loans and so flow up to the parent. Swire Pacific will then, in turn, utilize funds received in the repayment of external bank lines," says Laura Acres, a Moody's Senior Credit Officer.

"As such, the debt raising exercise at Swire Properties will, in effect, be leverage neutral for the Swire Pacific Group as a whole," adds Acres, also Moody's Lead Analyst for Swire Pacific.

Swire's Pacific's A3 rating has incorporated the core strengths of Swire Properties' A2 rating, namely its proven track record in developing successful retail and commercial projects, its sizable portfolio of quality investment properties, and robust and resilient gross rental income.

At the same time, the A3 rating reflects Swire Pacific's holding company status and a one-notch downward adjustment for the increasing risk of structural subordination as approximately 74.5% of Swire Pacific's total assets were held by Swire Properties as of December 2011.

The rating also takes into consideration Swire Pacific's modest financial profile on a consolidated basis.

Swire's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside Swire's core industry and believes Swire's ratings are comparable to those of other issuers with similar credit risk.

Swire Pacific Ltd is engaged in the property investment, property development, aviation, beverages, marine services, and trading and industrial businesses. Listed on the Hong Kong Stock Exchange, it is controlled by a UK-based private company, John Swire & Sons Ltd.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Laura Jane Acres
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: Swire Properties' new MTN program has no impact on Swire Pacific's rating
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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