S&P Revises Rtgs/Outlooks on HK Entities.

HONG KONG--(BUSINESS WIRE)--Sept. 1, 1998--Standard & Poor's CreditWire 9/1/98--Standard & Poor's today revised its ratings and outlooks on the following entities as a result of the downgrade of Hong Kong's foreign-currency sovereign rating to single-'A'/Negative/'A-1' and local-currency rating to single-'A'-plus/Negative/'A-1' (see previous release).

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RATINGS/OUTLOOKS REVISED      TO             FROM

China Light & Power Co. Ltd.
Corporate credit rtg
   Foreign currency      A/Negative/A-1      A+/Watch Neg/A-1
   Local currency        A+/Negative/A-1     A+/Watch Neg/A-1
US$ CP prog              A-1                 A-1/Watch Neg
US$300 mil 7.5% bnds
   due 2006              A                   A+/Watch Neg

Kowloon Canton Railway Corp.
Corporate credit rtg
   Foreign currency      A/Negative/A-1      A+/Watch Neg/A-1+
   Local currency        A+/Negative/A-1    AA-/Watch Neg/A-1+

Mass Transit Railway Corp.
Corporate credit rtg
  Foreign currency       A/Negative/A-1      A+/Watch Neg/A-1+
  Local currency         A+/Negative/A-1    AA-/Watch Neg/A-1+
US$300 mil 7.25% nts
  due 2005               A                   A+/Watch Neg
Multicurrency MTN prog   A/A-1               A+/Watch Neg/A-1+
HK$ MTN prog             A+/A-1              AA-/Watch Neg/A-1+

Hutchison Whampoa Ltd.
Corporate credit rtg
   Foreign currency      A/Negative/-        A/Stable/-
   Local currency (no change) A/Stable/-          A/Stable/-

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