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Bulletin: Urban Renewal Authority Ratings Unaffected By Large New Project
Standard & Poors, Feb 2010
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) Feb. 25, 2010--Standard & Poor's Ratings Services said today that the rating and outlook on Urban Renewal Authority (AA+/Stable/--) are not affected by the authority's decision to spend Hong Kong dollar (HK$) 2 billion to develop a collapsed building site into a residential housing project, which it estimates will incur a HK$700 million loss. The authority will develop the project itself, a departure of its usual practice of tendering the development rights to private developers. However, we view this is an exceptional case that is somewhat consistent with our view that the authority will shoulder more non-revenue generating activities. While the project outlay is significant and out of our expectation, it is unlikely to materially...
Companies mentioned in this report are: Urban Renewal Authority
Action: Bulletin
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