Fitch views Kunming Rail negatively

Fitch Ratings said it revised Kunming Rail Transit Group Co., Ltd.'s outlook to negative from stable and affirmed the foreign- and local-currency issuer default ratings at BBB+.

Kunming is owned by the Yunan provincial government and Fitch noted the government’s reduced tax revenue, weaker capital revenue performance and increasing debt.

The negative outlook reflects Yunan’s current financial situation, the agency said.

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