Fitch affirms CK Hutchison

Fitch Ratings said it affirmed CK Hutchison Holdings Ltd.’s long-term foreign-currency issuer default rating at A- with a stable outlook, and its foreign-currency senior unsecured rating at A-.

CK Hutchison announced on July 3 that it plans to acquire the 50% equity interest in Wind Tre SpA (B+/positive) that it doesn't already own for €2.45 billion from joint-venture partner VEON Ltd. (BB+/stable), making the Italy-based mobile operator a wholly owned subsidiary of CK Hutchison.

Fitch said it believes full ownership of Wind Tre will help CK Hutchison capture fully the potential synergies of the merger between the company's 3 Italia and VEON's wholly owned Wind, which was completed in the fourth quarter of 2016.

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