Fitch ups Shenzhen Expressway

Fitch Ratings said it upgraded the long-term issuer default rating on Shenzhen Expressway Co. Ltd. to BBB from BBB-.

The outlook is stable.

The agency also upgraded the company’s $300 million 2 7/8% bonds due 2021 to BBB from BBB-.

Fitch said the action follows the upgrade of parent Shenzhen International Holdings Ltd.'s long-term issuer default rating to BBB from BBB-.

“The assessment takes into consideration SZIH's full access to SZE's resources via its control of SZE's board of directors as well as the lack of material ring-fencing features in the subsidiary's debt structure,” Fitch said in a news release.

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