Fitch downgrades Hysan

Fitch Ratings said it downgraded Hysan Development Co. Ltd.'s long-term foreign-currency issuer default rating to BBB+ from A-, its senior unsecured rating, the rating on the $4 billion MTN program issued by Hysan (MTN) Ltd. and the outstanding bonds under the MTN program to BBB+ from A-.

The agency also lowered the U.S. dollar subordinated perpetual capital securities issued by Elect Global Investments Ltd. to BBB- from BBB.

“The downgrade reflects Hysan's weakened financial profile as a result of rising leverage under a persistently high-interest rate environment. Hysan's ratings are supported by its high-quality Hong Kong investment-property (IP) portfolio, which has historically demonstrated resilient rental performance under a challenging environment,” Fitch said in a press release.

The outlook is stable.

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