Moody's affirmed the A3 issuer rating on Hongkong Land Holdings Ltd. and the A2 issuer rating on The Hongkong Land Co. Ltd.
The rating agency also affirmed the provisional (P)A2 senior unsecured ratings on the medium-term note programs for The Hongkong Land Finance Co. Ltd., The Hongkong Land Treasury Serv. (Sing) Pte. Ltd. and The Hongkong Land Notes Co. Ltd., as well as the A2 ratings on the senior unsecured notes issued under the medium-term note programs.
The outlooks are stable.
According to a note, the group's residential development activities restrain its ratings, fueling volatility in the group's earnings and cash flow. However, Moody's said, these risks are mitigated by geographic diversification and partnership with reputable domestic industry players.
The stable outlooks reflect Moody's expectation that the company will maintain its judicious financial management and expansion policy.