Fitch puts PCCW-HKT on evolving watch

Fitch Ratings said it placed PCCW-HKT Telephone Ltd.'s BBB+ long-term foreign-currency issuer default rating and senior unsecured debt ratings on Rating Watch evolving following the group restructuring announcement by its parent, PCCW Ltd.

PCCW said it will consolidate its telecom services, media and IT solutions into a newly established entity, HKT Group Holdings Ltd. The watch status reflects the uncertainties created by the potential sale of equity in HKT, which could reduce its level of access to PCCW's financial resources, Fitch said.

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