S&P's Kowloon Canton ratings unaffected

Standard & Poor's said its ratings on Hong Kong-based Kowloon Canton Railway Corp. (AA-/stable/A-1+) would not be immediately affected by the resignation of company chairman Michael Tien Puk-Sun. Tien's resignation, announced yesterday, has not yet been accepted.

S&P said it believes that Tien's resignation would have no significant impact on the daily operations of the railway over the immediate term. The management team responsible for the operation of the railway is still in place and normal operations are expected to continue. The agency also expects that the government, the company's 100% owner, will take a proactive role in ensuring that the current management issues, which triggered Mr. Tien's resignation, are resolved as soon as possible.

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