Fitch rates China Railway notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to the $500 million 3.85% senior unsecured notes due 2023 issued by China Railway Resources Huitung Ltd. and guaranteed by China Railway Group Ltd.

The final rating is in line with the expected rating assigned Jan. 23, Fitch said.

Using a top-down approach in its criteria, the agency said it notched China Railway's ratings three levels below China's sovereign rating to reflect the company's strong operational and strategic ties with the Chinese government through its 56.1% parent, China Railway Engineering Corp.

The stable outlook reflects an expectation of continued state support for China Railway, Fitch added.

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