S&P Assigns AA+ Rating to Hong Kong MTR's Proposed Green Notes
S&P Global Ratings has placed an AA+ long-term issue rating to MTR's (HKG:0066) proposed senior unsecured green notes, according to a Monday release.
The notes' rating is equivalent to the metro operator's issuer credit rating, S&P said, noting that it has a manageable subordination risk with its priority debt ratio of less than 10%.
MTR's rating outlook is stable, which is similar to that of Hong Kong and considers an almost certain chance of government support for the metro operator.
The company will draw down the green notes from its $10 billion debt issuance program and use the proceeds to support eligible investments under its sustainable finance framework.
MTR shares fell more than 1% in recent trade.
Price (HKD): $26.45, Change: $-0.30, Percent Change: -1.12%
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