Fitch downgrades Cheung Kong

Fitch Ratings said it downgraded Cheung Kong Infrastructure Holdings Ltd.'s (CKI) long-term issuer default ratings to BBB+ from A-.

The agency removed the Rating Watch Negative on all ratings and assigned a stable outlook to the long-term issuer default rating.

Simultaneously, Fitch lowered Cheung Kong's senior unsecured rating to BBB+ from A- and its $300 million fixed-rate callable perpetual securities issued in February 2012 to BBB- from BBB.

Fitch said the actions follow a reduction by Power Asset Holding, in which Cheung Kong has a 38.9% stake, of its 100% shareholding in Hong Kong Electric Co.

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