Fitch: Cheung Kong unchanged

Fitch Ratings said that Cheung Kong Infrastructure Holdings Ltd.'s ratings are not immediately affected by its non-binding bid for Northumbrian Water Group plc.

This follows news that Cheung Kong made a non-binding offer of £2.4 billion for Northumbrian, the agency said.

Fitch said it is not taking any immediate rating action on Cheung Kong. Rating action would require further clarity on key issues, the agency said.

Fitch said that many of Cheung Kong's operating assets are owned via similar investment structures, so direct investment by Cheung Kong and the impact on its credit profile could vary significantly depending on its equity participation and cash outlay in the acquisition of the water utility group.

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