S&P cuts CK Infrastructure notes

S&P said it downgraded CK Infrastructure Holdings Ltd.’s hybrid securities to BBB from BBB+ after revising the starting point for notching to CKI’s a- stand-alone credit profile.

“We revised the starting point for notching the hybrid issue from CKI’s A long-term issuer credit rating to its a- stand-alone credit profile (SACP) mainly because we do not expect any extraordinary support from the group to be applied to the hybrid security. This is evident from CKI’s independent financial policies and decision-making process regarding the hybrid securities,” S&P said in a press release.

The agency affirmed its A ratings on CK and the senior unsecured notes guaranteed by CK.

The outlook is stable.

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