S&P: PCCW-HKT unchanged

Standard & Poor's said its rating on PCCW-HKT Telephone Ltd. (BBB/positive) would be unaffected by PCCW Ltd.'s announcement that it plans to buy Sunday Communications Ltd., a mobile telecommunications firm, for $250 million.

PCCW, which has $1.7 billion cash on hand, has seen its financial profile improve recently with a substantial reduction in net debt to $2.1 billion, with its net debt to EBITDA improved to 2.5 times as of March, S&P said.

For the year ended Dec. 31, 2004, Sunday Communications had a total $149 million revenue and $79 million debt, the agency noted.

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