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Moody's: Hutchison notes A3
Moody's Investors Service said it assigned an A3 rating to Hutchison Whampoa International (11) Ltd.'s five- and 10-year notes, which will be guaranteed by Hutchison Whampoa Ltd.
At the same time, Moody's confirmed Hutchison Whampoa Ltd.'s A3 issuer rating.
The outlook is negative.
"The A3 rating reflects HWL's broad degree of business and geographical diversification, and the fact that most of its established businesses command strong competitive positions in their markets and generate stable cash flow," Moody's vice president and senior credit officer Laura Acres said in a news release, adding, "HWL also maintains a strong liquidity profile."
"However, these strengths are counterbalanced by HWL's financial metrics which remain weakly positioned for the rating level and are not expected to show any substantive improvement given the weakening macroeconomic environment in Europe which accounts for over 40% of HWL revenues," Acres said in the release.
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