0612 GMT - CK Hutchison Group Telecom stands to gain from the merger of its U.K. operations with Vodafone U.K., boosting its profit exposure to the competitive Italian market, S&P Global Ratings analysts say. S&P affirms the Hong Kong-based company's A- rating with a stable outlook, expecting it to remain a key subsidiary of parent CK Hutchison Holdings and to continue making sizable contributions following the deconsolidation of Three U.K. The merger provides CKHGT with a significant stake in a combined company that's arguably better positioned to compete in the U.K. market. It is also expected to enhance free cash flow and reduce leverage, S&P says. While operational diversity will decline, with Italy projected to account for about 61% of Ebitda, strong credit measures are expected to offset the higher business concentration risk, it adds. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
December 23, 2024 01:12 ET (06:12 GMT)
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