Fitch rates Kowloon-Canton notes AA

Fitch Ratings said it assigned a rating of AA to Kowloon-Canton Railway Corp.'s $750 million medium-term notes due 2019. This issue is drawn under the existing $3 billion medium-term program. The proceeds are expected to be used to refinance debt.

The outlook is stable

The rating reflects that the issue ranks pari passu with the company's existing senior unsecured foreign-currency debt obligations, which carry the company's AA long-term foreign-currency issuer default rating.

The ratings also consider its ongoing support from and close relationships with the Hong Kong Special Administrative Region and the expected stable concession payment stream from MTR Corp. Ltd., the agency said. Fitch said it expects the Hong Kong government to maintain its full ownership in Kowloon-Canton Railway.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.