Fitch affirms Yuexiu Transport

Fitch Ratings said it affirmed Yuexiu Transport Infrastructure Ltd.’s long-term foreign-currency and local-currency issuer default ratings and senior unsecured rating at BBB-.

The outlook is stable.

Simultaneously, the agency affirmed Famous Kind International Ltd.’s $1 billion medium-term note program and its €200 million 1 5/8% senior unsecured notes due 2018 at BBB-. Famous Kind is wholly owned by Yuexiu Transport and Yuexiu Transport is providing a guarantee to the debt issued under Famous Kind's medium-term note program.

Fitch said the affirmation reflects Yuexiu Transport’s robust and geographically diversified asset portfolio and the agency’s expectation that the management will effectively rein in leverage and contain structural subordination risk when pursuing its ambitious acquisition plan.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.