Fitch rates Hutchison Whampoa notes BBB

Fitch Ratings said it assigned a final rating of BBB to Hutchison Whampoa International (12) Ltd.'s hybrid capital notes.

The notes are guaranteed by Hutchison Whampoa Ltd. on a subordinated basis.

The final rating is in line with the expected rating assigned in May 2012.

The securities are rated two notches below Hutchison's A- issuer default rating in accordance with its criteria, Fitch said.

The ratings reflect the company's geographical and industry diversification, strong liquidity arising from high cash balances, well-spread debt maturity profile and access to diverse sources of capital, the agency said.

Hutchison continues to derive stable cash flow generation from its core businesses such as ports and properties, Fitch said, and to improve the performance of its retail division.

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