评级机构标普全球发表报告，指港铁(00066.HK) 去年的强劲业绩不太可能使公司进入去杠杆化的阶段。由于公司未来三年的庞大投资计划，相信其债务负担将会继续增加。
标普指，去年港铁来自经常性业务营运的收入增加5.3%至600港元。由于跨境需求复苏，香港运输业务成为主要的增长动力，预期这分部今年将维持稳定。港铁估计，香港进行的网络扩建项目将于未来三年增加资本开支总额至908亿元。略高于2024年时勾划的三年预算。标普相信若港铁落实及纳入北环线项目，资本开支的增幅可能更大。
因此，标普估计港铁的营运资金流与债务的比率将从2024年的16%恶化至2025年的13%。这个水平与标普的下调评级触发点相同，显示港铁公司在目前的独立信贷状况下，评级上行空间非常有限。
标普指，港铁一旦出现财务困难，几乎肯定会获得香港政府的特别支援。因此继续将港铁的评级及展望与香港评级相同，即AA+/稳定/A-1+。(ha/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-07 16:25。)
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