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Bond Market News
CK Infra Upgraded to A by Fitch
March 12, 2026
CK Infrastructure Holdings Limited (CKI) was upgraded by a notch to A from A- by Fitch. The upgrade follows the rating upgrade of its parent, CK Hutchison Holdings Limited (CKHH), which owns 75.7% of CKI. Fitch views that CKHH has medium strategic and operational incentives to support the company. CKI’s credit profile reflects its resilient operations, prudent strategy, and strong execution, supported by stable cash flows from diversified regulated infrastructure assets in investment-grade markets. These include investments in regulated gas, electricity, and water networks that provide predictable earnings. Recent asset sales, including CKI’s 65% stake in Eversholt UK Rails, are expected to reduce net debt and keep EBITDA net leverage below 2x in 2026. Fitch expects CKI’s cash flows to grow low-single digits annually, supported by favourable regulatory resets and stable returns from regulated utilities. Fitch also notes potential upside from the proposed £4.2bn ($5.6bn) sale of UK Power Networks, although the impact will depend on how CKI deploys the proceeds.
Its 4.2% Perp was trading broadly stable at 76.2, yielding 5.5%
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