Fitch affirms Road King

Fitch Ratings said it affirmed Road King Infrastructure Ltd.'s long-term foreign-currency issuer default rating and foreign-currency senior unsecured rating at BB-.

The outlook is stable.

The ratings are constrained by Road King's position as a small participant in the highly volatile and cyclical Chinese property sector, which is a larger contributor than the toll roads business to the company's asset value and operating cash flow, Fitch said.

Nevertheless, stable cash income from the toll roads segment supports Road King's ratings at their current level, the agency said.

The company has also demonstrated its ability to tap multiple funding sources, allowing it to maintain higher financial flexibility than similar-size Chinese property companies, Fitch said.

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