Fitch lifts Wharf to positive

Fitch Ratings said it revised the Wharf (Holdings) Ltd.'s outlook to positive from stable.

The long-term issuer default rating also was affirmed at A-, along with the ratings on its senior unsecured notes at A-.

The rating on Wharf Finance Ltd.’s senior unsecured notes also was affirmed at A-.

The positive outlook is driven by Wharf's improved financial profile and the increasing stability of its China portfolio, Fitch said.

The ratings are constrained by the company’s risk exposure to China, which is higher than its peers, the agency said.

The ratings also consider the company’s strong credit profile and resilient rental income on its Hong Kong retail properties portfolio, Fitch said.

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