Fitch rates Asciano BBB-

Fitch Ratings said it assigned a long-term issuer default rating of BBB- to Asciano Ltd., along with a senior unsecured rating of BBB-.

The outlook is stable.

The ratings are underpinned by the company's strong market position in the Australian rail-freight industry and its resilient cash flows under take-or-pay contracts with profitable source mines, Fitch said.

The stable outlook reflects a view that Asciano's ability to generate positive cash flow after capital expenditure and solid liquidity position allow the company the financial flexibility to de-leverage, if needed, Fitch said.

The agency said it understands that the issuer is committed to maintaining investment-grade ratings and is actively managing its capital structure to ensure a sustainable debt level and credit metrics that are in line with the ratings.

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