Moody’s ups Yuexiu view to stable

Moody's Investors Service said it changed the outlook on Yuexiu Transport Infrastructure Ltd.’s Baa2 issuer rating to stable from negative.

At the same time, the agency affirmed the Baa2 issuer rating of Yuexiu Transport, the Baa2 rating on the backed senior unsecured notes and the provisional Baa2 senior unsecured rating on the backed medium-term note program of Famous Kind International Ltd.

The outlooks are stable.

"The change in outlook to stable reflects the strengthening in Yuexiu Transport's credit profile, supported by its steady and fairly resilient operating performance," Moody's assistant vice president and analyst Ivy Poon said in a news release.

"The change in outlook to stable also considers Yuexiu Transport's track record of debt reduction, with the exception of 2015 when it acquired Suiyuenan Expressway to augment its portfolio of roads, and which it partly debt-funded."

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