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Fitch downgrades Hong Kong-based MTR

Fitch Ratings downgraded Hong Kong-based MTR Corp. Ltd.'s long-term foreign- and local-currency issuer default ratings to AA from AA+, with a negative outlook.

The rating agency said Sept. 10 that the action followed the downgrade of Hong Kong's long-term foreign-currency issuer default rating to AA from AA+. MTR's ratings were brought down to the same level as Hong Kong's due to the company's significant linkage and strategic importance to the government, Fitch added.

The agency has also downgraded MTR's senior unsecured rating to AA from AA+ and affirmed its short-term foreign-currency issuer default rating at F1+.