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S&P gives CAS BBB-, securities BB
S&P said it gave CAS Holding No. 1 Ltd. a BBB- issuer rating and a BB rating to the planned perpetual subordinated securities. PCCW fully owns CAS Holding.
“The rating reflects the solid market leadership of CAS Holding’s core subsidiaries HKT Trust and HKT Ltd. (HKT Trust) and Hong Kong Telecommunications (HKT) Ltd. (HKT; BBB/negative/--) in Hong Kong’s telecom industry over the next 12-24 months,” S&P said in a press release.
The agency forecasts CAS Holding’s debt-to-EBITDA ratio to be 3.8x-4.1x over the next two years, slightly higher than HKT Trust’s 3.6x-3.9x due to the subordinated securities.
The outlook is negative. The outlook is based on the view that PCCW’s debt leverage will remain elevated over the next six to 12 months.
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