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Moody’s rates Hutchison Port notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to the proposed dollar-denominated guaranteed senior unsecured notes to be issued by HPHT Finance (15) Ltd., a wholly owned subsidiary of Hutchison Port Holdings Trust (Baa1 stable).
The outlook is stable.
The notes are unconditionally and irrevocably guaranteed by Hutchison Port Holdings, acting through its trustee-manager, Hutchison Port Holdings Management Pte. Ltd., and HPHT Ltd., a wholly owned subsidiary of Hutchison Port Holdings.
Hutchison Port Holdings plans to use the note proceeds for refinancing certain debt owed by its subsidiaries, debt falling due in the near-term and the rest for general corporate purposes.
"The proposed note issuance, which will be used to refinance the existing debt of Hutchison Port Holdings Trust, will lengthen its debt maturity profile, but will not affect its debt leverage," Moody's vice president and senior analyst Ray Tay said in a news release.
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