S&P rates Hutchison Whampoa

Standard & Poor's said it assigned its A- long-term issue rating and cnAA long-term Greater China credit scale rating to the proposed issue of benchmark-sized five-year and 10-year U.S. dollar senior unsecured notes by Hutchison Whampoa International (11) Ltd.

Hutchison Whampoa Ltd. guarantees the proposed notes.

According to S&P, the Hutchison Whampoa Ltd. will use the notes proceeds to refinance existing borrowings.

The proposed issue is in line with S&P's expectation that the group will continue to extend its debt maturity profile and pre-fund upcoming debt maturities, the agency said.

The rating on Hutchison Whampoa Ltd. reflects the group's good cash flows from diverse businesses with a satisfactory-to-excellent competitive position, good record of divesting assets to supplement internal cash generation, and strong liability management and financial flexibility, the agency said.

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