S&P rates Hutchison Port notes A-

S&P said it assigned its A- long-term issue rating to a proposed issue of U.S. dollar-denominated senior unsecured notes by HPHT Finance (21) Ltd., a wholly owned subsidiary of Hutchison Port Holdings Trust. HPH Trust, along with its trustee manager, Hutchison Port Holdings Management Pte. Ltd., and its wholly owned subsidiary HPHT Ltd., will guarantee the notes on an unsubordinated and unsecured basis.

“We equalize the issue rating with the issuer credit rating on HPH Trust because the company's priority debt ratio is below 50%, our threshold for notching down an issue rating. As of Dec. 31, 2020, HPH Trust's capital structure consists of HK$29.4 billion of unsecured debt,” S&P said in a press release.

HPH Trust will use a substantial portion of the proceeds to refinance its debt.

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