S&P Global Ratings maintained Hutchison Port Holdings Trust's (SGX:NS8U) A long-term issuer credit rating and the A- issue rating on its guaranteed US dollar notes, according to a Wednesday release.

The rating agency sees greater business and concentration risk for the Singapore-listed container port business trust as it faces a weakening Hong Kong segment amid steady expansion at China's Yantian Port.

The trust's leverage could grow amid greater capital spending at its Yantian East Port joint venture.

S&P expects the trust's ratio of funds from operations (FFO) to debt to decline between 17% and 19% by 2026 from about 20% last year.

The rating agency also sees greater uncertainty regarding US tariffs to hit China's exports and the throughput at Yantian Port, with transportation demand expected to weaken.

The Hong Kong business should also decline by 2% to 4% annually from 2025 to 2026, S&P said.

The outlook is stable, similar to parent CK Hutchison Holdings' (HKG:0001) outlook.

S&P believes the subsidiary will continue to be strategically important for the parent in the next two years.

Notable changes in the subsidiary's status for the group, as well as in its metrics like its throughput or profit margin and FFO-to-debt ratio, could result in future rating movements, S&P said.