Fitch upgraded Hysan Development Co. Ltd.'s long-term foreign currency issuer default rating and senior unsecured rating to A- from BBB+, with a stable outlook.

The rating agency attributed the upgrade to the Hong Kong-based property company's stable Hong Kong investment property portfolio, which was valued at HK$75 billion as of mid-2018, and prudent financial management.

Fitch expects Hysan's revenue to rise slightly in 2018 and its leverage to stay at 6% to 9% in the short-to-medium term.