Moody’s rates CK Hutchison notes A3

Moody's Investors Service said it assigned an A3 rating to the euro-denominated seven-year and 12-year senior unsecured notes to be issued by CK Hutchison Finance (16) Ltd. (unrated). All notes will be irrevocably and unconditionally guaranteed by CK Hutchison Holdings Ltd. (CKHH, A3 stable).

The outlook is stable.

"We expect CKHH will use the bond proceeds primarily to refinance its debt due through 2016, and that the issuance thus will be leverage neutral," Moody's vice president and senior analyst Joe Morrison said in a news release.

CK Hutchison’s A3 rating continues to be supported by its broad degree of business and geographical diversification, and the fact that most of its non-telecommunications businesses command strong competitive positions in their markets and generate stable cash flow, the agency said. The company also maintains a strong liquidity profile.

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