S&P: Hutchison Whampoa unaffected

Standard & Poor's said its ratings on Hutchison Whampoa Ltd. (A-/negative) were unaffected by the company's results for 2005.

The agency noted that stable earnings from core businesses and good liquidity and liability management continue to support the company's financial flexibility.

The company's debt levels and operating performance remain weak for the rating category and in 2005, Hutchison's net debt levels rose to 38% of capitalization from 34% in 2004, the agency added.

The negative outlook on the ratings indicates concern that Hutchison's net debt levels and free cash flow generation may not improve significantly over the next two years, S&P said.

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