Fitch affirms CK Asset at A

Fitch said it affirmed CK Asset Holdings Ltd.’s long-term foreign-currency issuer-default rating at A. The outlook is stable.

“The affirmation reflects CKA's solid financial position, as measured by net debt/recurring EBITDA, of below 2x (including EBITDA from investment properties, aircraft leasing, distributions from REITs and infrastructure businesses). The company's recurring income can cover interest by over 4.5x,” Fitch said in a news release.

Fitch also expects CKA to continue to be prudent in acquiring land in Hong Kong where costs are high, and to receive additional recurring income from recent overseas acquisitions. CKA was previously known as Cheung Kong Property Holdings Ltd.

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