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Strategies & Market Trends : HONG KONG
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To: Tom who wrote (1120)1/18/1998 2:03:00 AM
From: Tom  Read Replies (1) of 2951
 
SWIRE PACIFIC

[HONGKONG] Swire Pacific and Wharf (Holdings), two of Hongkong's biggest property groups, shrugged off a decision by Moody's Investors Service to cut its outlook on their debt ratings as their borrowing costs surged. Moody's said it is taking a negative outlook for Swire, Wharf and Hysan Development Co because each suffers from constraints that limit flexibility in the face of "prolonged weakness" in Hongkong's property prices. Swire , which has a rating now of A3, said it has net debt of HK$16 billion (S$3.6 billion) and no plans to borrow more. Wharf, rated Baa1, said the revision is "not a ratings downgrade", just routine.

-- Bloomberg 01-17-98
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