Fitch ups Hysan Development to BBB+

Fitch Ratings said it upgraded Hysan Development Co. Ltd.'s long-term foreign-currency issuer default rating to BBB+ from BBB. Fitch also said it upgraded the short-term foreign-currency issuer default rating to F2 from F3, then withdrew the rating.

The outlook is stable.

The upgrade reflects the buoyant momentum in Hong Kong's commercial property market, Fitch said.

The rating reflects Hysan's high-quality commercial property portfolio, which is concentrated in the prime retail district of Causeway Bay, together with its sound liquidity, the agency said.

The credit strength of the company, however, is tempered by its lack of geographical diversification and size of portfolio, Fitch added.

© 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.