Thanks to the company's improved financial profile and more stable portfolio in China, Fitch Ratings revised its outlook on Wharf (Holdings) Ltd.'s A- long-term issuer default rating to positive from stable.

Wharf's A- long-term IDR and senior unsecured notes rating, and Wharf Finance Ltd.'s A- senior unsecured notes rating were also affirmed.

The rating agency also highlighted the conglomerate's sale of its telecom business, which it claims strengthened the company's cash position. The divestment is also expected to have reduced the ratio between Wharf's net debt and the value of its investment properties to the mid-teens by 2016-end.

Factors such as the company's growing lease portfolio and self-sufficient development properties in China, a further reduction in leverage, and the resiliency of Hong Kong's retail property market were also cited as contributors to Fitch's ratings action.