This report does not constitute a rating action. Overview Key strengths Key risks The principal investment and operating entity for Beijing's metro rail network. High railway construction spending leads to elevated debt. Authorize-build-operate (ABO) agreement provides substantial support for metro construction and operation. Volatile earnings from property development amid a sustained market downturn. Abundant funding resources from solid capital market access and banking relationships. Therefore, we continue to equalize the credit rating on the company with the creditworthiness of the Beijing municipal government. Beijing Infrastructure Investment (Hong Kong) Ltd. (BIIHK; A/Stable/--) will maintain its highly strategic group status, in our view. BII wholly owns BIIHK, which is the group's sole offshore financing and investing platform. However, the group has primarily
