Fitch raises Anhui Transportation

Fitch Ratings said it upgraded Anhui Transportation Holding Group Co. Ltd.'s (ATHG) long-term foreign- and local-currency issuer default ratings to A from A-. The agency also raised the ATHG-guaranteed $400 million of 1.618% senior unsecured notes due August 2026 that were issued by Anhui Transportation Holding Group (HK) Ltd. to A from A-. The IDRs and the rating on the notes have been removed from under criteria observation.

“The rating upgrade reflects our revised assessment of ATHG's credit profile under Fitch's updated government-related entities (GRE) rating criteria that was published on Jan. 12, 2024. The IDRs are underpinned by ATHG's position as the flagship GRE in Anhui province, its role as the provincial expressway network developer and its mission to construct and operate toll roads,” Fitch said in a statement.

The agency added that it believes support from the province is “virtually certain if needed.”

The outlook is stable.

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