Moody's downgrades Road King

Moody's Investors Service said it downgraded Road King Infrastructure Ltd.'s corporate family rating and the backed senior unsecured ratings of the company's wholly-owned financing vehicles to B1 from Ba3.

Concurrently, the agency revised the outlook for Road King Infrastructure Ltd. and the company's wholly-owned financing vehicles to stable from negative. The financing vehicles are RKI Overseas Finance 2017 (A) Ltd., RKP Overseas Finance 2016 (A) Ltd., RKPF Overseas 2019 (A) Ltd., RKPF Overseas 2019 (E) Ltd. and RKPF Overseas 2020 (A) Ltd.

"The downgrades reflect our view that Road King's weak credit metrics and decline in operating scale over the next 12-18 months will no longer support the company's previous rating level," said Cedric Lai, a Moody's vice president and senior analyst, in a press release.

"The stable outlook reflects our expectation that Road King will maintain adequate liquidity and steady recurring income from its toll road business over the next 12-18 months," Lai added.

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