Moody's affirms Swire Pacific

Moody's Investors Service said it affirmed the A3 issuer rating of Swire Pacific Ltd. and the senior unsecured bond ratings of its financing subsidiaries, Swire Finance Ltd. and Swire Pacific MTN Financing Ltd. Moody's also said it affirmed the Baa1 subordinated debt ratings of Swire Pacific Capital Ltd. and Swire Pacific Offshore Financing Ltd.

The outlook remains stable.

The affirmation follows news that Swire will acquire a 15% stake in Hong Kong Aircraft Engineering Co. Ltd. from Cathay Pacific Airways Ltd. and will offer to acquire the rest of Hong Kong Aircraft's shares for cash, Moody's said.

The agency said it believes that this transaction will only have a moderate impact on Swire's consolidated financial profile, even if it acquires up to 100% stake of Hong Kong Aircraft with debt.

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