Fitch affirms Swire

Fitch Ratings said it affirmed Swire Properties Ltd.’s long-term foreign-currency issuer default rating at A with a stable outlook.

The agency also affirmed the company's foreign-currency senior unsecured rating, the ratings on its medium-term note program and on issues from its subsidiary, Swire Properties MTN Financing Ltd., at A.

Fitch said the affirmation reflects the delivery of stable rental income from Swire Properties' mature investment property portfolio, which provides robust gross rental income coverage ratios.

The company has remained prudent regarding expansion in China and Hong Kong and has demonstrated strong execution in boosting rental income in China, the agency explained. Its financial position remains solid, with healthy liquidity.

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