S&P rates Hutchison Whampoa notes A-

Standard & Poor's said it assigned its A- long-term issue rating and cnAA Greater China scale rating to the benchmark size five- and 10-year U.S. dollar senior unsecured notes to be issued by Hutchison Whampoa International (12)(II) Ltd.

The company is a 100%-owned special purpose subsidiary of Hutchison Whampoa Ltd., which unconditionally guarantees the notes. The notes are unsecured and rank equally with existing unsecured debt.

The agency said the rating reflects the group's good cash flows from diverse businesses that have competitive positions ranging from good to strong. The agency said the company's record of divesting assets and realizing value from diverse assets and strong liability management and financial flexibility also support the rating.

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