Fitch affirms Tianjin Infrastructure

Fitch Ratings said it affirmed Tianjin Infrastructure Construction & Investment (Group) Co., Ltd.'s long-term foreign- and local-currency issuer default ratings at A.

The outlook is stable.

The agency also affirmed the company’s dollar-denominated senior unsecured notes at A. The notes are rated at the same level as Tianjin Infrastructure’s issuer default rating as they represent its direct, unconditional, unsecured and unsubordinated obligations.

Tianjin Infrastructure’s ratings are assessed under Fitch's Government-Related Entities Rating (GRE) Criteria, reflecting the municipality's ownership and control of the company and solid support record.

Fitch said it also factors in the socio-political and financial implications for the government if Tianjin Infrastructure defaults.

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