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Fitch Affirms Hysan Development at BBB; Outlook Stable

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Fitch Ratings on Wednesday affirmed Hysan Development's (HKG:0014) long-term foreign-currency issuer default rating at BBB.

The rating outlook is stable.

Fitch said the rating action reflects resilient rental income from Hysan's investment properties in Causeway Bay. The rating agency expects the completion of Lee Garden Eight in the second half of 2026 and proceeds from asset recycling to support Hysan's financial position.

Hysan's ratings could be downgraded if recurring EBITDA-to-gross-interest coverage stays below 2.0x for an extended period or recurring EBITDA fails to remain stable, Fitch said. An upgrade could result from sustained coverage above 2.5x.

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