Fitch rates Hutchison Whampoa notes A-

Fitch Ratings said it assigned an expected rating of A- to the proposed dollar-denominated notes due 2015 to be issued by Hutchison Whampoa International (09/16) Ltd. in exchange for the dollar-denominated notes due 2010 and 2011 issued by Hutchison Whampoa International (03/33) Ltd. and Hutchison Whampoa International (01/11) Ltd., respectively. All three series of notes are guaranteed by Hutchison Whampoa Ltd., which has a long-term foreign-currency issuer default rating of A- with stable view.

The total principal amount outstanding of the notes due 2010 and 2011 is $3 billion, of which about $575 million is held by Hutchison and its affiliates.

The ratings are supported by the company's diversified business mix, strong and steady cash flows from its traditional businesses, 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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