Fitch gives Hysan securities BBB

Fitch Ratings said it assigned a BBB rating with a 50% equity credit to Elect Global Investments Ltd.'s proposed dollar-denominated subordinated perpetual capital securities, which will be guaranteed by Hysan Development Co. Ltd. Fitch also affirmed Hysan’s long-term-foreign currency issuer default and senior unsecured rating at A-.

The perpetual securities are rated two notches below Hysan's A- issuer default rating in accordance with Fitch's corporate hybrids treatment and notching criteria. This two-notch difference reflects the securities' coupon deferral feature and their subordination to senior obligations. The securities rank senior only to Hysan's share capital.

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