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BULLETIN: Hong Kong's Li & Fung Remains A Net Creditor After Special Dividend
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
HONG KONG (Standard & Poor's) March 22, 2005--Standard & Poor's Ratings Services said today that Li & Fung Ltd.'s (Li & Fung) declaration of a Hong Kong dollar (HK$) 730 million special dividend would not have an impact on the 'A-' corporate credit rating on the company. Li & Fung's financial performance was very strong in fiscal 2004 (ended Dec. 31, 2004), with net income up 25% and margins improving to 3.4%, up from 3.1% in fiscal 2003. As at Dec. 31, 2004, Li & Fung's cash balances were healthy at about HK$2 billion. These balances will cover the company's special dividend of HK$730 million and an annual dividend of HK$876 million with about HK$400 million remaining. This compares with...
Companies mentioned in this report are: Li & Fung Ltd.
Action: Bulletin
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