Fitch lowers Changsha Pilot view to negative

Fitch Ratings said it revised the outlook on Changsha Pilot Investment Holdings Co. Ltd. to negative from stable.

Fitch also said it affirmed the company's long-term foreign- and local-currency issuer default ratings at BBB-.

Fitch also said it affirmed Changsha Pilot's $350 million 3.1% senior unsecured notes due 2019 at BBB-. The bonds were issued directly by Changsha Pilot and are rated at the same level as the company's issuer default rating as they will constitute direct, unconditional, unsubordinated and unsecured obligations of Changsha Pilot and rank pari passu with all its other senior unsecured obligations.

The outlook revision considers expectations that the company may find it more challenging to secure government support, the agency said.

The company has an increasingly competitive business profile, Fitch said.

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