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Moody's gives Hutchison Port notes Baa1
Moody's Investors Service said it gave a Baa1 backed senior unsecured rating to the proposed dollar-denominated notes to be issued by HPHT Finance (21) (II) Ltd., a wholly-owned subsidiary of Hutchison Port Holdings Trust (HPHT). The notes will be guaranteed by HPHT.
"The Baa1 senior unsecured rating reflects the irrevocable and unconditional guarantee from HPHT," said Ralph Ng, a Moody's vice president and senior analyst, in a press release.
HPHT plans to use the net proceeds primarily to refinance bank loans.
"The proposed issuance will not incrementally increase HPHT's total debt as the proceeds will primarily be used to refinance its existing debt," added Ng
The outlook is stable.
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