[ET Net News Agency, 21 September 2018] S&P Global Ratings today raised its long-term
issuer credit ratings on CK Infrastructure Holdings Ltd. (CKI)(01038) and Power Assets
Holdings Ltd. (PAH)(00006) to 'A' from 'A-'. The outlook is stable for both entities.
At the same time, the credit rating agency raised its long-term issue rating on
outstanding senior unsecured notes guaranteed by CKI to 'A' from 'A-'.
S&P also raised CKI's guaranteed hybrid securities' long-term issue rating to 'BBB+'
from 'BBB'. It upgraded CKI and PAH after raising the rating on the parent, CK Hutchison
Holdings Ltd. (A/Stable/--)(00001), earlier today.
S&P equalized the final issuer credit rating on CKI with CK Hutchison because of CKI's
core status in the group. The result is one notch rating uplift over CKI's 'a-'
stand-alone credit profile (SACP).
It thinks CKI is the major flagship for CK Hutchison's utilities and infrastructure
assets and integral to the group overall business strategy. The group's senior management
shows strong committed support to CKI, and the group is highly unlikely to sell its stakes
in the company. (KL)