S&P affirms PCCW-HKT; outlook stable

Standard & Poor's said it revised its outlook on PCCW-HKT Telephone Ltd. to stable from developing and affirmed its BBB long-term corporate credit rating on the company.

At the same time, S&P said it also affirmed its BBB issue rating on the company's senior unsecured notes.

According to the agency, the outlook revision follows an announcement by the company's parent, PCCW Ltd., which it has decided to discontinue the sale of up to 45% of its newly incorporated holding company HKT Group to strategic investors, given the volatile market conditions.

PCCW Ltd. will continue to reorganize its telecommunications services, media, and IT solutions businesses into HKT Group, and expects to draw down a recently obtained loan facility of HK$23.8 billion in early 2009, the agency noted.

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