Summary: Urban Renewal Authority Feb 10

Standard & Poors, February 2010

Abstract
The rating on Urban Renewal Authority (URA) reflects the authority's stand-alone credit profile of 'AA-', supported by a strong business risk profile and minimal financial risk profile. The rating also reflects our view that there is an "extremely high" likelihood that the Hong Kong Special Administrative Region (HKSAR; AA+/Stable/A-1+) will provide timely and sufficient extraordinary support to URA in the event of financial distress. We consider URA to be a government-related entity (GRE) due to its 100% ownership by the HKSAR and its policy role. Our opinion that there is an "extremely high" likelihood of extraordinary government support is based our view that URA has an "integral" link with and a "very important" role to the government. URA is the...

Companies mentioned in this report are:
- Urban Renewal Authority
- MTR Corp. Ltd.
- Hong Kong (Special Administrative Region)
- Airport Authority Hong Kong

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Urban Renewal Authority
- MTR Corp. Ltd.
- Hong Kong (Special Administrative Region)
- Airport Authority Hong Kong

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