S&P applies BBB- to First Pacific

S&P said it assigned a BBB- long-term issuer credit rating to First Pacific Co. Ltd.

The outlook is stable.

First Pacific has a portfolio of liquid, high quality, and moderately diversified assets that yield steady dividends, S&P said. The Hong Kong-based investment holding company also has a record of moderate leverage over the past decade.

First Pacific's small scale, concentrated holdings, and limited recent record of rotating assets temper these strengths, the agency added.

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