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00008 PCCW
RTNominal up4.670 +0.020 (+0.430%)
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29/08/2019 10:03

S&P revises outlook for HKT to negative; "BBB" affirmed

[ET Net News Agency, 29 August 2019] S&P Global Ratings revised the outlook for Hong
Kong Telecommunications (HKT) Ltd. to negative from stable based on increased debt
leverage at PCCW Ltd (00008).
As PCCW is the controlling shareholder and ultimate parent of HKT, the credit rating
agency takes a consolidated view of the outlook on both entities.
At the same time, S&P affirmed its 'BBB' long-term issuer credit rating on HKT and 'BBB'
long-term issue rating on the company's unsecured debts.
S&P said the negative outlook reflects its view that debt leverage at the PCCW level
will remain elevated at 4.5x and is unlikely to quickly improve. As of 30 June 2019,
PCCW's debt-to-EBITDA ratio increased to 4.5x, from 4.2x at the end of 2018. This was
driven by a combination of increased investment in non-telecom businesses at PCCW and the
adoption of international reporting financial standard (IRFS) 16.
The agency assesses HKT and its immediate parent HKT Trust and HKT Ltd. (06823), which
fully owns HKT, on a combined basis. HKT Trust is a subsidiary of PCCW under the trust
structure, and both entities have certain overlaps in board members. Debt leverage at HKT
Trust, on a consolidated basis, had been fairly stable at 3.4x over the past six months.
(KL)

Remark: Real time quote last updated: 05/12/2019 17:59
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