Fitch raises Shenzhen Expressway

Fitch Ratings said it upgraded Shenzhen Expressway Co. Ltd.'s (SZE) long-term issuer default rating (IDR) to BBB+ from BBB and removed its ratings from under criteria observation.

“The upgrade follows the upgrade of the IDR of SZE's parent, Shenzhen International Holdings Ltd. (SZIH), to BBB+ from BBB, which reflects the application of Fitch's updated parent and subsidiary linkage rating criteria. SZE's outlook remains negative, in line with that of SZIH. We expect SZIH's consolidated leverage to remain elevated following several completed and proposed acquisitions. This includes SZE's acquisition of 100% of Shenzhen Investment International Capital Holdings Infrastructure Co. Ltd (Siich),” Fitch said in a press release.

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