Fitch: CK Hutchison notes A-

Fitch Ratings said it assigned expected ratings of A- to CK Hutchison International (17) Ltd.'s proposed dollar-denominated guaranteed notes.

The proposed senior unsecured notes will be unconditionally and irrevocably guaranteed by CK Hutchison Holdings Ltd. and rank pari passu with other senior unsecured borrowings of CK Hutchison, Fitch said.

The proceeds will be used for refinancing, the agency said.

The company's financial and operating results for the year that ended Dec. 31, 2016 are broadly in line with expectations despite being affected by the foreign-currency movements against its reporting currency of the Hong Kong dollar, Fitch explained.

Retail continued to perform well with earnings supported by organic growth in Asia and Europe, the agency said.

This was partly offset by weakness in the energy segment – Husky Energy – due to low oil prices, Fitch noted.

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