Fitch affirms Wharf

Fitch Ratings said it affirmed the Wharf (Holdings) Ltd.'s long-term foreign-currency issuer default rating at A- and senior unsecured rating at A-.

The outlook is stable.

The ratings reflect Wharf's stable rental income stream generated by its strong investment property portfolio, a moderate degree of business diversification from its exposure to the container terminal, telecommunication and media businesses, as well as its prudent financial strategy, Fitch said.

Wharf's well-located property investment portfolio in Hong Kong underpins its cash-generation capacity, the agency said.

Credit constraints include exposure to the competitive media and telecom industry and Wharf's expansion into mainland China's property market, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.