Fitch affirms Hutchison Whampoa

Fitch Ratings said it affirmed Hutchison Whampoa Ltd.'s long-term foreign-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2 and foreign-currency senior unsecured rating at A-.

The outlook remains stable.

Fitch said it affirmed Hutchison's ratings despite its estimation that the group's financial leverage at the end of 2010 will be 4.5 times, which is in line with the end of 2009. The company was unable to improve leverage despite a meaningful improvement in its EBITDAR generation, the agency said, and that is contrary to an expectation that the group would deleverage this year.

Strengths that mitigate the company's higher leverage are its geographical and industry diversification, the strength of its ports-related operations and its strong liquidity position arising from high cash balances, the agency said.

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