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Moody's: Hutchison notes Baa2
Moody's Investors Service said it assigned a Baa2 rating with a stable outlook to the euro-denominated subordinated guaranteed perpetual capital securities to be issued by Hutchison Whampoa Europe Finance (13) Ltd. and guaranteed on a subordinated basis by Hutchison Whampoa Ltd. (A3/stable).
Moody's anticipates that the proceeds of the capital securities will be used primarily to refinance existing debt falling due in 2013.
Given the partial equity treatment applied to these securities, the hybrid issuance will help to maintain the broadly improving trend in Hutchison Whampoa's financial metrics, the agency said. Overall, Hutchison Whampoa's book leverage, as measured by reported net debt/capitalization, improved to 23.5% in 2012 from 25.3% as of December 2011, Moody's noted.
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