Full government ownership and extremely high likelihood of extraordinary support. A key supplier of urban land in Hong Kong. Long project development process. Volatile profitability. Growing non-revenue-generating projects. Minimal debt leverage. Strong liquidity and financial flexibility. Volatile cash flows that are sensitive to a cyclical property market. Large capital commitments for land acquisitions and project development. The negative outlook on Urban Renewal Authority (URA) reflects the rating outlook on Hong Kong (Special Administrative Region) (HKSAR: AAA/Negative/A-1+; cnAAA/cnA-1+), given our expectation of an extremely high likelihood of government support for URA. The rating on URA will move in tandem with that on HKSAR. We may lower the rating on URA if we lower our rating on HKSAR or we reassess the
