Fitch Ratings has kept China State Construction International Holdings' (HKG:3311) long-term issuer default rating and senior unsecured ratings at BBB+, with the outlook being stable, according to a Wednesday release.

The rating considers the company's solid ties with its direct parent, China Overseas Holdings, and ultimate parent, China State Construction Engineering (SHA:601668).

The company's revenue in the first half of 2025 was mainly flat from the year-ago period, with its Hong Kong segments mitigating weaker performance from mainland China and Macao, Fitch said.

Hong Kong revenue jumped 40% year over year during the first half and 33% in 2024 amid increased infrastructure and public housing projects.

Fitch expects Hong Kong to be the primary growth driver for the company in the next years.

The rating agency also sees the company's EBITDA net leverage gradually dropping to below 4x from 2025 to 2028, given better operating cash flow generation.

Changes in the parents' credit profiles and linkages could lead to future rating actions on the company, Fitch said.