Swire Pacific 'A-' corp rtg affirmed/1.5 bln usd note program rated 'A-': S&P

HONG KONG (AFX-ASIA) - Standard & Poor's said it has affirmed its 'A-' corporate credit rating on Swire Pacific Ltd.In a statement, it said it also assigned a 'A-' rating to a 1.5 bln usd medium term note program issued by Swire Pacific MTN Financing Ltd and Swire Properties Offshore Financing Ltd, which is guaranteed by Swire Pacific."The ratings on Swire reflect stable and predictable cash flow generated by a high-quality property portfolio, an experienced management team, and strong but variable dividend flows from its airline associate, Cathay Pacific Airways Ltd," the rating agency said.It said it has a stable outlook for Swire's ratings as the company is expected to generate sufficient free cash flow to reduce its debt levels and improve coverage ratios.

Related stock : (19)