Strong and growing market position in public transport in Beijing. Very strong ongoing government support for metro operations. Weak, albeit improving, profitability. Uncertainty in non-retail businesses stemming from changes in property policies and volatile markets. Weak cash flow adequacy. Ongoing government support in the form of dedicated project funds. The stable outlook on Beijing Infrastructure Investment Co. Ltd. (BII) reflects our stable outlook on the credit worthiness of the Beijing government. We expect the likelihood of extraordinary government support to BII to remain almost certain because of the company's critical role in executing Beijing's long-term urban transport development plan, and BII's status as a public service provider. The rating on BII's subsidiary Beijing Infrastructure Investment (Hong Kong) Ltd. (BIIHK) will
