Full government ownership and extremely high likelihood of extraordinary support Serving the key policy role of renewing old neighborhoods Long project development process Volatile profitability Growing nonrevenue-generating projects Minimal debt leverage Strong liquidity and financial flexibility Volatile cash flows that are sensitive to cyclical property markets Large capital commitments for land acquisitions and project development The stable outlook on the Urban Renewal Authority (URA) reflects the rating outlook on Hong Kong (Special Administrative Region) (HKSAR: AA+/Stable/—) given our expectation of an extremely high likelihood of government support for URA if needed. The outlook also reflects our expectation that the URA will maintain its conservative financial management and strong financial position, with low debt leverage, while undertaking large capital projects or
