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Hong Kong's Li & Fung 'A3' rating affirmed; outlook stable - Moody's


Published : Mon, 12 Feb 2007 10:02
By : Agencies
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HONG KONG (XFN-ASIA) - Moody's Investors Service has affirmed the 'A3' rating of Li & Fung Ltd after the company announced that it has agreed to buy the global sourcing operations of apparel designer Tommy Hilfiger Corp.

The rating outlook remains stable, Moody's said in a statement.

'Moody's expects Li and Fung to remain well positioned at its A3 rating after the 250 mln usd acquisition,' said Elizabeth Allen, a Moody's vice president and senior analyst.

Looking ahead, the challenge for Li and Fung will be to integrate its recent acquisition with the other businesses it has acquired in the last couple of years, the rating agency said.

(1 usd = 7.8 hkd)

leonora.walet@xfn.com

lw/rc

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