Fitch rates CK Hutchison Group debt BBB+

Fitch Ratings said it assigned CK Hutchison Group Telecom Holdings Ltd.'s expected long-term foreign- and local-currency issuer default ratings and expected senior unsecured rating of BBB+.

The outlook is stable.

CK Hutchison Group is a wholly owned subsidiary of CK Hutchison Holdings Ltd. (A-/stable).

“The expected issuer default ratings take into consideration the reorganisation of CKHH's telecom operations in Europe and Hong Kong under CKHT and the group's proposed capital structure,” the agency said in a news release.

“The final ratings are contingent upon CKHT's successful restructuring, including the conversion of shareholder loans to equity and refinancing of most of the group's debt, which amounted to HK$94 billion at end-2018.”

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