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Published on 6/1/2007 in the Prospect News Emerging Markets Daily.

Fitch affirms Hutchison Whampoa

Fitch Ratings said it affirmed Hutchison Whampoa Ltd.'s long-term foreign-currency issuer default rating at A-, along with its short-term rating at F2 and the rating on senior unsecured notes issued or guaranteed by Hutchison at A-. The affirmation affects outstanding notes with face value amounting to $12 billion, €3 billion and £700 million.

The outlook is stable.

Hutchison's business profile is strengthened by its geographical and industrial diversity, Fitch said, as well as the ability of its core ports segment to generate continued growth in profits and cash flow.

The underperformance of Hutchison's 3G telecommunications segment remains a key credit concern, the agency said, and several hurdles remain before this segment generates positive free cash flows on a sustainable basis, particularly in the United Kingdom, one of its two biggest markets.


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