Annual Report (in PDF) - Hongkong Land

Financial Review
Committed facility maturity as
at 31st December 2007 (US$m)
2,284
During the year, Standard & Poor’s and Moody’s affirmed their
long-term credit ratings for Hongkong Land Holdings Limited at BBB+
and Baa1, respectively. Standard & Poor’s revised its BBB+ rating
outlook of the Group to positive from stable. Moody’s continues to
maintain a stable outlook on its Baa1 rating.
104
333
567
1,245
’08 ’09 ’10 ’11 ’12 &
beyond
Funding
Global credit markets were volatile during 2007 with a notable
widening of credit spreads particularly in the second half of the year.
The Group, however, continues to maintain a healthy funding position.
Although the Group did not have any major refinancing requirements
in 2007, a number of new bilateral banking facilities were established
to further strengthen its funding position.
As at 31st December 2007, the Group had total financing facilities of
US$4.8 billion (2006: US$4.5 billion), of which 95% was committed
(2006: 95%). At that date, 76% of the committed facilities were
drawn. Of the Group’s committed facilities, 43% are sourced from
the capital markets and 57% from the banking market. The
average facility maturity was 4.4 years (2006: 5.3 years). At the
year end the Group held cash deposits of US$1,104 million
(2006: US$1,167 million). Total liquidity calculated as committed
facility headroom plus surplus cash on deposit was US$2,120 million
(2006: US$1,990 million).
Geoffrey M Brown
Chief Financial Officer
6th March 2008
14 Hongkong Land