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Fitch affirms Swire Properties ratings

Fitch Ratings affirmed its long-term, foreign-currency issuer default rating on Swire Properties Ltd. at A, with a stable outlook.

The rating agency also affirmed the Hong Kong-based real estate company's foreign-currency senior unsecured rating, the ratings on its medium-term note program and on issues from a subsidiary at A.

Fitch attributed the affirmation to stable rentals from Swire's investment properties in Hong Kong, expansion through redevelopment projects and increased rental income in China, among other factors.

The rating agency expects Swire's total rental income to grow by 4% to 5%, its operating EBITDA margins to reach 56% to 63%, and its net debt to reach HK$34 billion to HK$37 billion, during the period from 2018 to 2021.