Moody's rates Hutchison Whampoa notes A3

Moody's Investors Service said it assigned an A3 rating to the proposed senior unsecured notes to be issued by Hutchison Whampoa International (09/16) Ltd., a wholly owned financing subsidiary of Hutchison Whampoa Ltd. These 4 5/8% notes due in 2015 will be irrevocably and unconditionally guaranteed by Hutchison Whampoa.

The outlook is negative.

This transaction should have no impact on the company's debt level, but will help remove the rise in bond maturities during 2010 and 2011, Fitch said, and thus lengthen its debt maturity profile. This approach is consistent with its track record in maintaining a strong liquidity profile, the agency said.

The rating continues to reflect its broad degree of business and geographical diversification, Fitch said.

These strengths are counterbalanced by the weaker business profile of its 3G telecommunications business, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.