S&P rates Kerry Properties notes BBB-

Standard & Poor's said it affirmed Hong Kong-based Kerry Properties Ltd.'s BBB- long-term corporate credit rating and assigned a BBB- rating to a proposed issue of ten-year dollar-denominated unsecured notes to be guaranteed by Kerry and issued by its subsidiary Gain Silver Finance Ltd. The eventual size of the bond issue is to be determined.

The outlook is stable.

The bond proceeds will be used to refinance existing debt.

S&P said the ratings reflect the company's strong recurring income, ownership of high-quality real estate assets, strong liquidity and good financial flexibility.

These strengths are tempered by its increasing exposure to the relatively high risk real-estate sector in China and a fast expansion program, which the agency said is affecting Kerry's financial profile.

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