Fitch ups Anhui Transportation

Fitch Ratings said it raised Anhui Transportation Holding Group Co. Ltd.'s long-term foreign- and local-currency issuer default ratings to A- from BBB+.

The agency also upgraded the rating of Anhui’s $350 million of 4 7/8% guaranteed notes due 2021 to A- from BBB+. The notes were issued by Anhui Transportation Holding Group (H.K.) Ltd., Anhui’s fully owned subsidiary based in Hong Kong.

“The upgrade was triggered by Fitch's upward adjustment of the financial implications of an ATHG default to very strong from strong, reflecting a higher incentive for ATHG's sponsor, Anhui province, to provide support to ATHG. This followed an announcement in late June of a massive infrastructure investment plan that ATHG will implement on behalf of the province. This plan forms Anhui's 14th five-year plan for 2021-2025, and we expect it to be carried out with involvement by the central government,” Fitch said in a press release.

The outlook is stable.

© 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.