Fitch affirms Swire

Fitch Ratings said it affirmed Swire Pacific Ltd.'s long-term foreign-currency issuer default rating at A with a stable outlook and its foreign-currency senior unsecured ratings at A.

The ratings are driven by Swire's quality investment property portfolio in Hong Kong, comprising both prime office and retail space, according to the agency.

Swire is unlikely to be able to deleverage meaningfully in the next two to three years as it is planning to ramp up capital expenditures in the marine services segment, the agency noted.

Despite growing demand for offshore marine services from increased oil and gas exploration, Fitch said it remains cautious of the keen competition and high operating costs in this industry.

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