Fitch rates CK Hutchison notes A-

Fitch Ratings said it assigned expected ratings of A-(EXP) to CK Hutchison Europe Finance (18) Ltd.’s proposed euro-denominated guaranteed notes.

The proposed senior unsecured notes will be unconditionally and irrevocably guaranteed by CK Hutchison Holdings Ltd. (CKHH, A-/stable) and rank pari passu with other senior unsecured borrowings of CKHH. CK Hutchison Europe Finance (18) is a wholly owned subsidiary of CKHH.

The notes will be issued primarily for refinancing purposes.

Fitch said CKHH's ratings reflect its strong business profile, geographical diversification and stable cash flow generation from its high-quality ports, retail, infrastructure, energy and telecommunications businesses.

No single business division accounts for more than 40% of EBITDA, the agency added.

The infrastructure and ports businesses provide visible, recurring cash flows.

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