Fitch affirms Tianjin Rail

Fitch Ratings said it affirmed Tianjin Rail Transit Group Co., Ltd.'s long-term foreign and local currency issuer default ratings at A.

The outlook is stable.

The agency said the ratings are linked to Fitch's internal assessment of the creditworthiness of Tianjin municipality.

“The linkage reflects the municipality's 100% ownership and control of the group, a track record of support from the government, and the strong socio-political and financial implications if TRT defaults,” the agency said in a news release.

“These factors result in a high likelihood of extraordinary government support for TRT, if needed.”

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