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S&P rates Hutchison Port notes A-
S&P Global Ratings said it gave its A- long-term issue rating to a planned issue of U.S. dollar-denominated senior unsecured notes by HPHT Finance (21) (II) Ltd., a wholly owned subsidiary of Hutchison Port Holdings Trust.
HPH Trust, along with its trustee manager, Hutchison Port Holdings Management Pte. Ltd., and its wholly owned subsidiary HPHT Ltd., will guarantee the notes.
“We equalize the issue rating with the issuer credit rating on HPH Trust because the company's priority debt ratio is below 50%, our threshold for notching down an issue rating. As of June 30, 2021, HPH Trust's capital structure consisted of HK$29 billion of gross debt,” S&P said in a press release.
HPH Trust plans to use a substantial portion of the proceeds to refinance debt.
The outlook is stable.
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