Fitch downgrades CLP

Fitch Ratings said it downgraded CLP Holdings Ltd.'s and CLP Power Hong Kong Ltd.'s long-term foreign- and local-currency issuer default ratings to A from A+.

The outlook is stable.

Fitch also said it affirmed their short-term foreign-currency issuer default ratings at F1.

The downgrade reflects a higher risk profile from the company's growing non-regulated overseas assets and increasing debt-funded capital expenditures and acquisition of Australian energy assets, the agency said.

While it benefits from increasing earnings diversification and contribution from the Australian energy assets, its overall business risk profile is higher, reflecting the increased market risk exposure of the non-regulated assets, Fitch said.

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