S&P revises China Travel Service HK view to positive

S&P said it revised its outlook on China Travel Service (Holdings) Hong Kong Ltd. to positive from stable and affirmed the BBB+ long-term issuer credit rating on the company.

S&P also affirmed its BBB+ long-term issue rating on the U.S. dollar-denominated senior unsecured notes issued by King Power Capital Ltd., a wholly owned financing subsidiary of CTS HK. CTS HK guarantees the notes.

CTS HK is a 100%-owned subsidiary of China National Travel Service Group Corp. Ltd. (CTS), the largest state-owned travel services provider and duty-free retailer in China.

“We revised the outlook on CTS HK to positive to reflect our view that CTS' overall competitive position and profitability could continue to strengthen over the next 12-24 months, driven by the company's leading market share in duty-free retail in China,” S&P said in a news release.

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