This report does not constitute a rating action. Overview Key strengths Key risks The core operator and investor for Beijing's metro rail network Substantial railway construction expenditure drives elevated debt level Authorize-build-operate (ABO) agreement substantially supports metro construction and operations Operating expense trends up as rail network expands while fare levels remain stagnant Solid banking relationships and access to diverse funding channels at a competitive borrowing cost Beijing Infrastructure Investment Co. Ltd. (BII) will continue to have an almost-certain likelihood of receiving extraordinary government support from the Beijing municipal government. Therefore, we continue to equalize the credit rating on the company with the creditworthiness of the municipal government. Beijing Infrastructure Investment (Hong Kong) Ltd. (BIIHK; A/Stable/--) will maintain its highly
