Fitch affirms Kowloon-Canton

Fitch Ratings said it affirmed Kowloon-Canton Railway Corp.'s long-term local-currency issuer default rating at AA+, long-term foreign-currency issuer default rating at AA and short-term foreign-currency issuer default rating at F1+.

The outlook is stable.

The ratings reflect the ongoing support from and close relationship with the Hong Kong Special Administrative Region and the expected stable concession payment stream from MTR Corp. Ltd., Fitch said.

The company continues to be a tightly-held government-controlled public sector entity with concession payments from MTR forming its primary source of cash inflows for debt service, the agency said.

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