Fitch rates Hutchison Whampoa Europe notes A-

Fitch Ratings said it assigned an expected rating of A- to Hutchison Whampoa Europe Finance (12) Ltd.'s proposed euro-denominated notes.

The notes are to be unconditionally and irrevocably guaranteed by Hutchison Whampoa Ltd.

The final ratings are contingent upon the receipt of final documents conforming to information already received.

The ratings reflect the company's geographical and industry diversification, strong liquidity arising from high cash balances, well-spread debt maturity profile and access to diverse sources of capital, Fitch said.

Hutchison continues to derive stable cash flow generation from its core businesses such as ports and properties, the agency said, and to improve the performance of its retail division.

Negative rating factors include Hutchison's track record of acquisitions, heavy capital expenditure program and cash drain from its 3G business, Fitch said.

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