Fitch gives Shenzhen International Holdings BBB

Fitch Ratings said it has assigned Shenzhen International Holdings Ltd. a long-term issuer default rating of BBB with stable outlook.

The company is a passive investor in Shenzhen Airlines, the agency stated.

According to Fitch, the rating reflects Shenzhen International's stable toll road business, a financial profile that is appropriate for its BBB- standalone credit profile and a single-notch uplift for support from its 48.59% shareholder, the municipal government of Shenzhen.

The ratings are, however, constrained by material cash flow leakage arising from its main toll-road holding company in which Shenzhen International only has a 51% ownership, Fitch added.

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