S&P rates CK Hutchison notes A

S&P said it assigned an A long-term issue rating to CK Hutchison International (19) Ltd.'s proposed senior unsecured dollar-denominated notes.

The notes are unconditionally and irrevocably guaranteed by CK Hutchison Holdings Ltd.

The proceeds will be used for refinancing maturing dollar notes, the agency noted.

The group's 2018 results showed the resilience and stability of its diversified operations, S&P said.

The group's adjusted EBITDA in 2018 expanded 10% despite receiving a one-off special dividend from Power Assets Holdings Ltd. in 2017, the agency said.

The EBITDA expansion was driven by positive growth in all segments, particularly in retail, infrastructure and 3G, S&P said.

These results also show the strength of the group's operations across all segments and its resilience against economic volatility, the agency added.

The group's financial leverage of about 3.7x in 2018 was better than expectations thanks to strong EBITDA growth, S&P added.

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