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

  • ID: 2031710
  • December 2011
  • Standard & Poors

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

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 READ MORE >

Note: Product cover images may vary from those shown

Kowloon Motor Bus Co. (1933) Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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