Moody's affirms Hutchison Whampoa

Moody's Investors Service said it affirmed the A3 debt ratings of Hong Kong-based Hutchison Whampoa Ltd. following the company's release of its results for the first half of 2006.

The outlook remains stable.

The results were generally in line with Moody's expectations, the agency said. Consolidated EBITDA improved significantly to HK$13 billion from HK$8 billion in the first half of 2005. Overall subscriber growth was slightly below management's target - with 2.4 million new net additions - translating into a total base of 13.5 million as of Aug. 23. Moody's said this situation is mitigated, however, by an above-average revenue per user.

The company's consolidated net debt showed only a slight improvement to HK$135 billion at June 30 from HK$149 billion a year earlier. Net debt to capital improved to 31% from 36%, the agency said, and net debt to gross cash flow was 6.6x.

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