Fitch gives Hutchison Whampoa notes A-

Fitch Ratings said it assigned Hutchison Whampoa International (14) Ltd.’s proposed dollar-denominated guaranteed notes and proposed euro guaranteed notes expected ratings of A-(EXP).

The proposed guaranteed notes will be unconditionally and irrevocably guaranteed by Hutchison Whampoa Ltd. (A-/stable) and rank pari passu with other senior unsecured borrowings of Hutchison.

The notes are issued mainly for refinancing purposes and will not negatively impact Hutchison's credit profile.

Fitch said Hutchison's long-term issuer default rating reflects the company's geographical and industry diversification, strong liquidity arising from high cash balances, well-distributed debt maturity profile and access to diverse sources of capital. Hutchison continues to derive stable cash flow generation from its port, property and retail businesses.

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