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10 Nov 2009
Hong Kong, November 10, 2009 -- Moody's Investors Service has assigned an A3 rating to the proposed senior
unsecured notes to be issued by Hutchison Whampoa Finance (09) Limited,
a wholly owned financing subsidiary of Hutchison Whampoa Limited ("HWL").
The proposed 7-year notes will be irrevocably and unconditionally
guaranteed by HWL, and their proceeds will be used primarily for
the refinancing of existing debt. The rating outlook is negative.
"The A3 rating continues to reflect HWL's broad degree of business and
geographical diversification, and the fact that most of its established
businesses command strong competitive positions in their markets and generate
stable cash flow," says Elizabeth Allen, a Moody's Vice President
& Senior Credit Officer.
"However, these strengths are counterbalanced by the weaker business
profile of its 3G telecommunications business. The 3 Group continues
to report an EBIT loss and negative free cash flow, and this performance
-- coupled with overall weaker performances from HWL's established
businesses in 1H2009 -- have resulted in fairly weak credit metrics
for the group as a whole," says Allen, also Moody's lead analyst
for the group.
The rating further incorporates a one-notch downward adjustment
due to structural subordination.
The negative outlook reflects HWL's weakened credit metrics since FY2008.
Despite management's commitment to deleveraging, the outlook incorporates
near-term uncertainty over the timing and magnitude of such deleveraging.
It also reflects the difficulties facing HWL's primary operating divisions
in an economic environment that Moody's expects to only gradually improve
in the coming 12 months.
Moody's last rating action with regard to HWL was taken on 25 September
2009, when an A3 rating was assigned to its 4.625%
notes due in 2015 with a negative outlook.
The principal approach applied in rating HWL is the Special Comment -
Analytical Considerations in Assessing Conglomerates, September
2007, which can be found at www.moodys.com in the
Rating Methodologies sub-directory under the Research & Ratings
Other methodologies and factors that may have been considered in the process
of rating HWL can also be found in the Rating Methodologies sub-directory
on Moody's website.
Hutchison Whampoa Ltd ("HWL") is a Hong Kong-based conglomerate
with a strong presence in Asia and Europe. Its five core businesses
are: (1) ports and related services; (2) property and hotels;
(3) retail; (4) telecommunications; and (5) energy, infrastructure,
finance & investments and others.
HWL is approximately 49.97% owned by Cheung Kong (Holdings)
Ltd ("CKH"). Around 40% of CKH is in turn owned by the family
trusts of Mr. Li Ka-shing.
VP - Senior Credit Officer
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077
Moody's assigns A3 to HWL's EUR notes; outlook negative
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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