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Fitch affirms MTR ratings

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Fitch affirms MTR ratings

Fitch Ratings affirmed its ratings on MTR Corp. Ltd., with a stable outlook.

Specifically, the rating agency affirmed the Hong Kong-based rail transit network operator and property developer's long-term foreign- and local-currency issuer default ratings and senior unsecured ratings at AA+ and its short-term foreign-currency IDR at F1+.

Fitch said the actions take into account MTR's "strong and significant" relations with the Hong Kong Special Administrative Region government and the company's strategically pivotal role as Hong Kong's sole rail operator. The Hong Kong government is MTR's largest and controlling shareholder, with a 75.16% stake in the company as at the end of June, and will maintain its majority ownership until 2020.

According to the rating agency, if required, it is very likely that MTR would get "extraordinary" support from the government.