S&P: Hutchison Whampoa unaffected

Standard & Poor's said its credit rating on Hutchison Whampoa Ltd. (A-/negative/--) was not affected by the company's financial results and operational performance for fiscal 2004.

The outlook remains negative reflecting ongoing concerns about the company's third-generation telecommunications business and its impact on the company's business profile and financial risk, according to S&P.

Despite a 17% increase in EBIT for the year, S&P said the company's financial performance remains under pressure from the heavy operating costs associated with its worldwide third-generation operations.

S&P said of key importance to the outlook and the rating over the next few years is the affect that competition in European third-generation markets will have on Hutchison's future business profile and financial position.

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