Fitch ups Wharf Holdings to A-

Fitch Ratings said it upgraded The Wharf (Holdings) Ltd.'s long-term foreign-currency issuer default rating to A- from BBB+.

The outlook is stable.

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

The rating reflects Wharf's stable leasing income generated by its well-located investment property portfolio, its exposure to the container terminal business via Modern Terminal Ltd. and its prudent financial management policy, the agency said.

Wharf's strengths are tempered by its exposure to the highly-competitive media and communications industry, and to a lesser extent, its expansion into the property market in mainland China, Fitch said.

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