S&P: CK Hutchison notes A-

S&P said it assigned an A- long-term issue rating and cnAA long-term Greater China regional scale rating to the proposed dollar-denominated senior unsecured notes issued by CK Hutchison International (17) Ltd.

The notes are unconditionally and irrevocably guaranteed by CK Hutchison Holdings Ltd.

The proceeds will be used for debt refinancing and general working capital purposes, S&P said.

The group has about HK$70 billion borrowings maturing this year, the agency said.

The proposed issuance is in line with an expectation that the group's financial management will be prudent, maintaining strong access to the capital markets and lengthening its weighted debt maturity profile, S&P noted.

The company's 2016 results show the group sustained its underlying operational strength despite economic headwinds and foreign-exchange volatility, the agency said.

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