Summary: Urban Renewal Authority Feb 11

Standard & Poors, February 2011

Abstract
The rating on Urban Renewal Authority (URA) reflects the "extremely high" likelihood of extraordinary support from the Hong Kong Special Administrative Region (HKSAR) in the event of financial distress. URA's strong business risk profile and minimal financial risk profile support a stand-alone credit profile of 'aa-'. We consider URA to be a government-related entity (GRE) due to its 100% ownership by the HKSAR and its policy role. In our view, the likelihood of extraordinary government support is "extremely high" because URA has an "integral" link and a "very important" role to the government. URA is the statutory board charged with redeveloping dilapidated urban areas. The government closely supervises the URA, and the authority's strategy and business plan are aligned with...

Companies mentioned in this report are: Urban Renewal Authority
Action: Review

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Urban Renewal Authority

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