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Kowloon Motor Bus Co. (1933) Ltd. Dec 11
Standard & Poors, December 2011
Strong market position Stable earnings from bus operations Minimal financial risk profile of its parent Volatility in fuel oil prices Limited growth prospects within Hong Kong Increasing competition between bus and railway operators 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...
Companies mentioned in this report are: Kowloon Motor Bus Co. (1933) Ltd.
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.
Research Type: Full Analysis
Kowloon Motor Bus Co. (1933) Ltd.