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Bond Market News
Hysan Development Downgraded to BBB by Fitch
August 29, 2024
Hysan Development Company and its senior unsecured bonds were downgraded by a notch to BBB from BBB+ by Fitch. The rating agency also downgraded the perps issued by Elect Global Investments Ltd, by a notch to BB+ from BBB-. The downgrade reflects Fitch’s expectations of a continued pressures on the interest coverage metrics of the company in 2024-2026 as a result of persistent office rental challenges. Hysan’s financial metrics have been impacted by the ongoing investment in the Lee Garden Eight development, which is expected to start operating by end-2026. However, Hysan continues to be supported by its resilient property portfolio in the Causeway Bay (CWB) area, which has outperformed the broader office and retail rental market in Hong Kong.
Its dollar bonds traded stable with its 4.1% Perp at 96.9, yielding 7.35%.
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