S&P Global Ratings affirmed Swire Pacific Ltd.'s long-term corporate credit rating at A-, with a negative outlook.

The rating agency said the affirmation reflects its expectations that Swire Pacific's financial leverage will recover in 2019, with improvement in property rental and beverage income as well as decline in capital expenditure, which should restore the company's financial strength. In addition, S&P believes the company will maintain financial ratios that are commensurate with the rating.

The negative outlook, meanwhile, was due to expectations that the company's earnings are likely to remain weak over the next 12 to 18 months.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.