- Language: English
- Published: October 2012
Summary: Kowloon Canton Railway Corp. Jun 11
- ID: 1825594
- June 2011
- Standard & Poors
The rating on Kowloon Canton Railway Corp. (KCRC) reflects the "almost certain" likelihood that the government of the Hong Kong (Special Administrative Region) (HKSAR; AAA/Stable/A-1+; cnAAA/cnA-1+) would provide timely and sufficient extraordinary support to KCRC in events of financial distress. As a result, the long-term corporate credit rating is equalized with the long-term issuer rating on Hong Kong. The rating on KCRC, one of the two owners of railway infrastructure in Hong Kong, also reflects the company's status as an asset-holding company with minimal operational risk. KCRC granted MTR Corp. Ltd. (MTRC; AAA/Stable/A-1+; cnAAA/cnA-1+) a service concession to operate the KCRC railway network on Dec. 2, 2007. It will receive stable annual fixed and variable payments from MTRC. KCRC's weak...
Companies mentioned in this report are: Kowloon Canton Railway Corp.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >
Kowloon Canton Railway Corp.