Moody's may cut Hutchison Whampoa

Moody's Investors Service said it continues to review the A3 issuer and senior unsecured bond ratings of Hutchison Whampoa Ltd. for possible downgrade subsequent to Cheung Kong Infrastructure Holdings Ltd.'s issuance of $1 billion in perpetual notes.

Cheung Kong is 84.58% owned by Hutchison Whampoa and is consolidated into Hutchison Whampoa's accounts, the agency said.

Moody's said it views the perpetual notes as hybrid instruments as having a combination of debt and equity components at the Cheung Kong level.

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