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Moody's affirms Hutchison Whampoa
Moody's Investors Service said it affirmed the A3 issuer rating of Hutchison Whampoa Ltd. and the A3 rating on all guaranteed senior unsecured debt issued by the company's financing subsidiaries.
Moody's also affirmed the Baa2 rating on the company's perpetual capital securities.
The outlook remains negative.
The action follows the announcement that the company's subsidiary Cheung Kong Infrastructure Holdings Ltd (unrated) and major shareholder Cheung Kong Holdings Ltd. (unrated) and Li Ka Shing Foundation Ltd. formed a 40/40/20 consortium to acquire a 100% stake in Northumbrian Water Group plc (unrated) for £2.4 billion, plus £2.4 billion of assumed debt, according to the agency.
"Moody's notes that this is another large investment by CKI after the acquisition of regulated UK power assets from EDF in late 2010," Elizabeth Allen, a Moody's vice president and senior credit officer, said in a statement.
"At the same time, Moody's sees the acquisition as consistent with CKI's stated strategy of investing in operational, stable and regulated assets in developed markets."
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