Fitch affirms Hydoo

Fitch Ratings said it affirmed Hydoo International Holding Ltd.'s long-term foreign-currency issuer default rating at B- with a stable outlook.

Fitch also affirmed Hydoo's senior unsecured rating and the rating on its outstanding dollar senior unsecured notes at B- with a recovery rating of RR4.

“Hydoo's ratings are supported by sustained low leverage with adequate liquidity on controlled construction and land acquisitions, but are constrained by its weak business profile due to its small business scale, low non-development income and sluggish trade-centre demand,” the agency said in a news release.

“The increasing proportion of residential property sales and healthy gross profit margins may mitigate its weak business profile.”

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