Fitch: CK Hutchison notes A-

Fitch Ratings said it assigned a final rating of A- to CK Hutchison Finance (16) Ltd.’s €1.35 billion 1¼% guaranteed notes due 2023 and €650 million 2% guaranteed notes due 2028.

The notes are unconditionally and irrevocably guaranteed by CK Hutchison Holdings Ltd. and rank pari passu with the company’s other senior unsecured borrowings.

The notes are issued mainly for refinancing purposes, Fitch said.

The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned April 6, the agency said.

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

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

The ratings are constrained by the company’s capital intensive businesses, Fitch said.

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