We believe Urban Renewal Authority's (URA, or the Authority) cash inflows and profitability from land tenders will continue to struggle amid a weak property market. We have revised downward the stand-alone credit profile (SACP) on URA to 'a+' from 'aa-' based on a likely expected increase in leverage over the next 12-24 months. This is given ongoing acquisition activities stemming from the company's urban renewal initiatives in Hong Kong. On April 1, 2025, S&P Global Ratings affirmed its 'AA+' long-term issuer credit rating on URA. We also affirmed our 'AA+' issue rating on the senior unsecured notes that URA issued. The stable outlook on URA reflects the rating outlook on Hong Kong. We expect URA's land sales to continue to
