Fitch affirms, withdraws Hongkong Land

Fitch Ratings said it affirmed Hongkong Land Holdings Ltd.'s long-term issuer default rating at A.

The outlook is stable.

The agency also affirmed the company’s senior unsecured rating at A.

Fitch withdrew the ratings for commercial reasons.

“HK Land's ratings reflect the stable rental income from its investment-property portfolio at prime locations in Hong Kong's Central district, which provides strong gross rental-income coverage ratios,” the agency said in a news release.

“Its limited exposure to property development has also provided stability to HK Land's liquidity and leverage levels.”

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