Summary: Kowloon Motor Bus Co. (1933) Ltd. Dec 11

Standard & Poors, December 2011

Abstract
The rating on Kowloon Motor Bus Co. (1933) Ltd. (KMB) reflects the company's strong market position, stable earnings from bus operations, and the minimal financial risk profile of its parent, Transport International Holdings Ltd. (TIH). KMB's exposure to volatility in fuel prices, its limited growth prospects in Hong Kong, and increasing competition between bus and railway operators temper these strengths. We view KMB and TIH as an integrated economic entity, given that the former is a wholly owned subsidiary of the latter. Our rating on KMB therefore reflects the financial performance of both companies. In our view, KMB's operations are efficient and its capital expenditure program is flexible. These strengths allow the company to maintain its financial strength in a...

Companies mentioned in this report are: Kowloon Motor Bus Co. (1933) Ltd.
Action: Review

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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.

Kowloon Motor Bus Co. (1933) Ltd.

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