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Moody’s shifts view on six Chinese toll roads to stable
Moody’s Investors Service said it changed the outlook on six Chinese toll road companies to stabilize from negative and affirmed the companies’ ratings and their rated subsidiaries.
The companies are Anhui Transportation Holding Group Co. and its Baa1 issuer rating, Anhui Transportation Holding Group (H.K.) Ltd. and its backed Baa1 senior unsecured rating, Guangzhou Communications Investment Group and its Baa2 issuer rating, Shandong Hi-speed Group Co., Ltd. and its A3 issuer rating, Yuexiu Transport Infrastructure Ltd. and its Baa2 issuer rating, Famous Kind International Ltd.’s Baa2 program rating, Shenzhen Expressway Co. Ltd. and its Baa2 issuer rating and senior unsecured rating and Shenzhen International Holdings Ltd.’s Baa2 issuer rating and senior unsecured rating.
“The change in outlook to stable for the six toll road operators reflects our expectation that their operating and financial performance will continue to recover to a level consistent with their ratings, in view of a continued recovery of traffic volume after the resumption of toll collection in May,” said Ivy Poon, a Moody’s vice president and senior analyst, in a press release.
“We expect that the toll revenue of rated issuers will continue to improve as the economy recovers, despite some weakening this year due to the coronavirus outbreak,” added Poon.
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