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Fitch cuts Swire Pacific view to negative
Fitch Ratings said it revised the outlook of Swire Pacific Ltd.'s long-term foreign-currency issuer default rating to negative from stable, while affirming it at A.
The outlook revision is underpinned by Swire's reducing, but still substantial capital expenditure program and the fact that its new investment properties in China are not immediately cash flow accretive, Fitch said.
The agency said it expects Swire's financial leverage to increase from historical levels, with the funds from operations/adjusted net leverage ratio likely to be in the range of 4.0x to 4.5x from 2009 to 2011.
The company's key strength is its property investment segment, bolstered by its high-quality assets, the agency said.
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