The planned notes, the proceeds of which will be used for general corporate purposes, have been rated A- by Fitch and A by S&P Global Ratings
Hong Kong-listed conglomerate CK Hutchison Holdings, which is in the midst of a controversial ports divestment, secured an upper medium-grade rating for its planned bond issuance on Tuesday.
Fitch Ratings assigned the Li Ka-shing-controlled group’s notes an A- and flagged them as a potential catalyst for a rating upgrade, while S&P Global Ratings gave them an A.
The size and pricing of the notes, to be issued through a special-purpose vehicle and guaranteed by the company, have yet to be set. The proceeds are likely to be used for refinancing and general corporate purposes.
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