S&P: HPHT Finance notes BBB+

S&P said it assigned a BBB+ rating to a proposed issue of dollar-denominated senior unsecured notes by HPHT Finance (17) Ltd.

HPHT Finance (17) is a wholly owned subsidiary of Hutchison Port Holdings Trust, S&P said.

HPH Trust and its trustee manager, Hutchison Port Holdings Management Pte. Ltd., along with HPH Trust's wholly owned subsidiary HPHT Ltd., will unconditionally and irrevocably guarantee the notes on an unsubordinated and unsecured basis, the agency said.

The proceeds will be used to refinance the company's existing offshore dollar-denominated bank loan, S&P said.

The rating is the same as the corporate credit rating on HPH Trust because the company is expected to maintain a ratio of priority liabilities-to-total assets at less than 15% over the next 12 months, the agency said.

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