Fitch trims Kunming Traffic

Fitch Ratings said it downgraded Kunming Traffic Investment Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to B+ from BBB-.

Fitch also lowered the company’s $300 million of 6.2% notes due 2022 and the $2 billion medium-term note program the notes were issued under to BB+ from BBB-.

“The notes were issued directly by KMTI and are rated at the same level as its IDR as they constitute its direct, unconditional, unsubordinated and unsecured obligations and rank pari passu with all its other senior unsecured obligations,” Fitch said in a press release.

The BB+ rating reflects the revision in Fitch's assessment of the financial implications of default by KMTI to “strong” from “very strong” under its government-related entities rating criteria, the agency said.

The outlook is stable.

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