Fitch rates Hutchison Whampoa notes A-

Fitch Ratings said it assigned an expected rating of A- to the proposed benchmark dollar-denominated notes due 2019 to be issued by Hutchison Whampoa International (09) Ltd. and unconditionally and irrevocably guaranteed by Hutchison Whampoa Ltd.

The outlook is stable.

Proceeds will be used to refinance existing indebtedness of Hutchison and its subsidiaries, Fitch said. The rating is contingent upon receipt of final documents.

The rating reflects Fitch's view that the proposed notes issue will rank pari passu with Hutchison's existing senior unsecured debt, which carries the company's long-term foreign-currency issuer default rating of A-.

The ratings 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, Fitch said.

The ratings are constrained by the continued weak performance of Hutchison's 3G telecommunications business, the agency said.

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