S&P assigns Yuexiu Transport CCR, program BBB-

Standard & Poor's said it assigned its BBB- long-term corporate credit rating to Yuexiu Transport Infrastructure Ltd.

The outlook is stable.

At the same time, the agency assigned its BBB- issue rating to the $1 billion global medium-term note program that Yuexiu Transport unconditionally and irrevocably guarantees. The company's wholly owned subsidiary Famous Kind International Ltd. will issue the notes.

S&P also assigned its cnA- long-term Greater China regional scale rating to Yuexiu Transport and the program.

"The rating on Yuexiu Transport reflects the company's stable cash flows from mature toll-road assets, and its satisfactory profitability," S&P credit analyst Gloria Lu said in a news release.

"Regulatory risk in China's transportation infrastructure industry, and Yuexiu Transport's earnings concentration in Guangzhou and high leverage temper these strengths."

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