...August 18, 2024 HONG KONG (S&P Global Ratings) Aug. 19, 2024--S&P Global Ratings today assigned its '##+' long-term issue rating to the multi-tranche senior unsecured notes that Urban Renewal Authority (URA) proposes to issue. URA is a statutory body that the Hong Kong government fully owns. The rating is subject to our review of the final issuance documentation. The notes, denominated in Hong Kong dollars, will be drawn under URA's US$3 billion medium-term notes program (see "Hong Kong's Support Backs URA's Upsizing Of MTN Program," published June 25, 2024, on RatingsDirect.) The rating on the notes is the same as the issuer credit rating on URA (##+/Stable/--). This is because the authority does not have secured or priority debt. The rating outlook on URA is stable, the same as that on the government of Hong Kong. This reflects our expectation of an almost-certain likelihood of government support for URA, if needed. The rating on URA will move in tandem with that on Hong Kong....
