Fitch affirms Wharf Holdings

Fitch Ratings said it affirmed Wharf (Holdings) Ltd.'s long-term foreign-currency issuer default rating at A-, along with its senior unsecured rating at A-.

The outlook is stable.

The ratings reflect Wharf's stable rental income stream generated by its "close-to-recession-proof" investment property portfolio, its exposure to the container terminal business and its prudent financial strategy, the agency said.

Credit constraints include exposure to the competitive media and telecom industry, Fitch said, and Wharf's expansion into the property market in mainland China.

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