S&P rates Hutchison Whampoa notes A-

Standard & Poor’s said it assigned an A- long-term issue rating and cnAA long-term Greater China credit scale rating to a proposed issue of dollar-denominated senior unsecured notes by Hutchison Whampoa International (14) Ltd. and a proposed issue of euro senior unsecured notes by Hutchison Whampoa Finance (14) Ltd.

Hutchison Whampoa guarantees the proposed notes, S&P said.

The group will use the proceeds to refinance existing borrowings, including euro and dollar-denominated bonds due in 2015.

The proposed issue is in line with expectations that the group will continue to extend its debt-maturity profile and fund the debts before their maturities, the agency said.

The ratings reflect the group’s good cash flows from diverse businesses with a good- to strong-competitive position, good record of divesting assets to supplement cash generation and strong liability management and financial flexibility, S&P said.

The company’s consistent earnings and strong cash flow are expected to offset its high investment appetite, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.