Fitch rates Hutchison Whampoa notes A-

Fitch Ratings said it assigned an expected rating of A- to the proposed €1 billion notes due 2016 to be issued by Hong Kong-based Hutchison Whampoa Finance (06) Ltd. and unconditionally and irrevocably guaranteed by Hutchison Whampoa Ltd.

Net proceeds from the issue are expected to be used primarily to refinance existing Hutchison debt.

The final rating is contingent upon receipt of documents conforming to information already received.

Fitch said Hutchison's issuer default rating and outlook are supported by Hutchison's diversified business mix, strong and steady cash flows from traditional businesses such as ports and investment properties, high liquidity, well-spread debt maturity profile and strong financial flexibility.

The issuer default rating and outlook are constrained by the continued weak, albeit improving, performance of Hutchison's 3G telecommunications business, the agency said.

© 2015 Prospect News.
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