Fitch gives Jinan Rail bond at A-

Fitch Ratings said it gave Jinan Rail Transit Group Co., Ltd.'s planned dollar-denominated senior unsecured bond an A- rating. Jinan Shuntong International Co., Ltd. will sell the bond that will be guaranteed by Jinan Rail Transit.

“Fitch assesses JRT under our government-related entities rating criteria, reflecting the Jinan municipal government's full ownership and oversight of the entity, the government's support record and JRT's role in developing the rail transit system in Jinan, the capital city of Shandong. These factors indicate that the government has a very strong incentive to provide extraordinary support to JRT, if needed,” the agency said in a press release.

The proceeds will be used for general corporate purposes.

The outlook is stable.

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