S&P affirms PCCW-HKT

Standard & Poor's said it affirmed its BBB long-term corporate credit rating on PCCW-HKT Telephone Ltd.

At the same time, it also affirmed its BBB issue rating on senior unsecured debt.

The ratings were removed from CreditWatch, where they had been placed with negative implications on June 20, the agency said.

The outlook is stable.

S&P added that the rating affirmations follow an announcement that the company's parent, PCCW Ltd., has ended buy-out talks with Macquarie Bank Ltd. (A/stable/A-1) and TPG Newbridge.

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