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Bulletin: Li & Fung Ltd.'s Proposed Share Placement Should Improve Flexibility; Ratings And Outlook Unaffected
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) May 5, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on Li & Fung Ltd. (A-/Stable/--) are not affected by the company's proposed share placement of Hong Kong dollar (HK$) 2,682 million. In our view, the share placement would increase Li & Fung's financial flexibility and the headroom for the current rating, assuming that less than the full amount is used for acquisitions and that the company's borrowings don't materially increase. Li & Fung projects net proceeds of about US$345 million, which will be used for potential acquisitions and other corporate purposes. As at the end of 2008, Li & Fung's ratio of net debt to EBITDA was 1.8x compared with...
Companies mentioned in this report are: Li & Fung Ltd.,Temasek Holdings (Private) Limited
Action: Bulletin
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