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Rating Action:

Moody's affirms Hongkong Land's ratings; outlook stable

12 Dec 2018

Hong Kong, December 12, 2018 -- Moody's Investors Service has affirmed Hongkong Land Holdings Limited's (HKLH) A3 issuer rating and The Hongkong Land Company, Limited's (HKLC) A2 issuer rating.

At the same time, Moody's has affirmed the following ratings, which are unconditionally and irrevocably guaranteed by HKLC: (1) the provisional (P)A2 senior unsecured ratings on the medium-term note (MTN) programs for The Hongkong Land Finance (C.I) Company Limited, The Hongkong Land Treasury Serv. (Sing) Pte. Ltd. and The Hongkong Land Notes Company Limited; and (2) the A2 ratings on the senior unsecured notes pursuant the MTN programs.

The rating outlooks are stable.

RATINGS RATIONALE

"HKLC's A2 issuer rating reflects the company's strong franchise in Hong Kong and long operating history," says Stephanie Lau, a Moody's Vice President and Senior Analyst.

"The rating also recognizes HKLC's quality investment properties in prime Asian locations, with high occupancy rates and stable rental income through the economic cycles," adds Lau.

HKLH's Grade-A office, retail and hotel space in the heart of Hong Kong's central business district is a key contributor to its underlying operating profit and gross asset. The company also has investment properties located in China, Singapore, Vietnam, Thailand, Indonesia and Cambodia.

At the same time, the ratings are constrained by the group's residential development activities, which add volatility to the group's earnings and cash flow. However, such risks are mitigated by its geographic diversification and partnership with reputable local market players.

Moody's expects that the debt leverage -- as measured by adjusted debt/EBITDA - of HKLC's parent, HKLH, will rise moderately to 4.6x-4.9x over the next 12-18 months, from 4.0x in 2017. This expectation reflects the land premium payable and capital spending of its property development projects. Nevertheless, this level of leverage positions the group appropriately at the A3 rating category.

HKLH's liquidity profile is supported by its large cash holdings of around $1.8 billion and unutilized committed standby bank facilities of $2.2 billion as of June 2018. These cash sources, together with its stable operating cash flow, are sufficient to cover the group's short-term debt of $355 million and outstanding land premium obligations over the next 12 months.

HKLH's A3 rating is one notch below the A2 rating of its major operating subsidiary, HKLC, reflecting HKLH's holding company status and the risk of structural subordination.

The rating outlooks are stable, reflecting Moody's expectation that the company will maintain its prudent financial management and expansion strategy.

Upward ratings pressure could emerge if earnings and diversification from HKLH's investment property business increase further, and the company's financial leverage improves. Specifically, upward rating pressure could arise if HKLH's (1) commercial property's underlying profit covers 6.5x-7.0x or more of its gross interest on a sustained basis, and (2) adjusted debt/EBITDA remains below 3.0x on a sustained basis.

Downward ratings pressure could emerge if HKLH engages in material debt-funded investments, which could impair the group's financial profile, such that its adjusted debt/EBITDA exceeds 5.0x-5.5x and its adjusted EBITDA/interest falls below 5.0x.

The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in September 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Hongkong Land Holdings Limited (HKLH), established in 1889 and listed in London, Singapore and Bermuda, is a leading Asian property investment, management and development group.

HKLH's portfolio is focused on Hong Kong, where the group owns and manages around 4.9 million square feet of commercial property through its subsidiary, The Hongkong Land Company, Limited (HKLC). HKLH is 50% owned by the major conglomerate Jardine Strategic Holdings Limited (A1 stable).

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain 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.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entities are participating and the rated entities or their agent(s) generally provide Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Stephanie Lau
Vice President - Senior Analyst
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
Client Service: 852 3551 3077

Chris Park
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 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
Client Service: 852 3551 3077

No Related Data.
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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 JPY100,000 to approximately JPY550,000,000.

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

​

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