The credit profile of Beijing Infrastructure Investment Co. Ltd. (BII) continues to be underpinned by consistently robust support from Beijing municipal government. We expect the Beijing government to continue to provide BII an annual grant in cash, such as construction fund and subsidies, as per its agreement over a 30-year period since 2016. In 2021, the cash injection rose to Chinese renminbi (RMB) 32.2 billion from RMB29.5 billion in the previous first five years, to offset inflation and cost increases. Besides the annual grant, the government also allocates special purpose bond (SPB) proceeds to BII--worth RMB7.5 billion in 2021 and RMB3.7 billion in 2020. We expect BII?s loss from metro operations to remain significant over the next two years at
