Fitch ups PCCW-HKT view to stable

Fitch Ratings said it revised the outlook on PCCW-HKT Telephone Ltd. to stable from negative and affirmed its long-term foreign-currency issuer default rating at BBB+. The agency also affirmed the BBB+ long-term ratings on debt issues including $1 billion 7 ¾% guaranteed notes issued by PCCW-HKT Capital Ltd. due November 2011; $500 million 6% guaranteed notes issued by PCCW-HKT Capital No.2 Ltd. due July 2013; and

$500 million 5 ¼% guaranteed notes issued by PCCW-HKT Capital No.3 Ltd. due July 2015

Fitch said the revision is reflective of its improved business risk profile and its Hong Kong listed parent, PCCW Ltd.

The company's strong market position is further entrenched by the enhanced offerings of PCCW, which has successfully transformed itself into the only quadruple-play provider in Hong Kong capable of offering voice, video and data services over fixed-line, broadband internet, TV and mobile platforms, Fitch said.

Fitch said the ratings also reflect the company's leading positions in local access, international telephony, data and broadband services in Hong Kong.

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