Moody’s might upgrade China Travel

Moody's Investors Service said it placed under review for upgrade China Travel Service (Holdings) Hong Kong Ltd.'s Baa3 issuer rating and the Baa3 backed senior bond rating of its subsidiary, King Power Capital Ltd.

The agency said the review for upgrade reflects the company’s improving financial leverage, underpinned by solid earnings growth and despite a slight increase in debt to support its expanded operations. The review also reflects Moody’s expectation that China Travel could potentially receive stronger parental support, given the significantly improved financial profile of parent China National Travel Service Group Corp. following the 2016 merger with China International Travel Service Group Corp.

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