Hopewell disagrees with S&P affirmation of 'BB-' credit rating

HONG KONG (AFX-ASIA) - Hopewell Holdings Ltd said it disagrees with the 'BB-' long-term credit rating assigned to the company and its unit Guangzhou-Zhenzhen Superhighway (Holdings) Ltd by Standard & Poor's; a rating affirmed by the rating agency earlier today."We are disappointed with the rating because Standard & Poor's has not recognised the improvements made by the company over the year," Robert Nien, executive director fo Hopewell Holdings said in a statement."We disagree with S&P's view that the group over-relies on the infrastructure business," he added.He said the group has a diversified business portfolio consisting of property, hospitality and construction."Infrastructure is the group's primary business but other divisions also make contributions," he said.S&P said the outlook for Hopewell's credit rating is negative. 

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