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Fitch rates Hutchison notes A-
Fitch Ratings said it assigned Hutchison Whampoa International (11) Ltd.'s proposed five- and 10-year dollar notes expected ratings of A-. The notes are to be unconditionally and irrevocably guaranteed by Hutchison Whampoa Ltd. (A-/stable/F2).
Hutchison's issuer default rating reflects its geographical and industry diversification, strong liquidity arising from high cash balances, well-spread debt maturity profile and access to diverse sources of capital, according to the agency.
The rating also reflects Hutchison's track record of acquisitions, heavy capital expenditure program and cash drain from its 3G business, the agency said.
The company's adjusted debt net of cash to operating EBITDAR improved to 3.9 times in fiscal 2010 from 4.5x in fiscal 2009 due to continued profit growth, Fitch said.
Financial leverage was also reduced by the partial divestment of its mature Hong Kong and southern China ports assets via the listing of Hutchison Ports Holding Trust in March 2011, the agency noted.
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