Fitch affirms China Railway

Fitch Ratings said it affirmed China Railway Group Ltd.'s long-term issuer default rating and senior unsecured rating at A-.

The outlook is stable.

Fitch said the company is rated on a top-down basis and two notches below the sovereign rating, in line with the agency’s criteria and reflecting strong importance to the sovereign.

The agency said that, compared with other peers in the same category, such as Shanghai Construction Group Co., Ltd., China Railway has higher leverage, but a much larger business scale in terms of EBITDA.

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