Competition from new traffic infrastructure constitutes a major risk for holders of the government's newly issued securitisation bonds, according to credit rating agency Standard & Poor's (S&P).
The agency has given the bonds a rating of AA-minus, the same as for the government.
Raymond Woo, a corporate and infrastructure ratings director at S&P, said the rating for the $6 billion bond offer reflected the stable income of the six government-owned toll facilities - the Aberdeen, Cross-Harbour, Lion Rock, Shing Mun and Tseung Kwan O tunnels, as well as the Tsing Ma Bridge.
It also reflects the government's promise to cover income shortfall resulting from toll-fee reductions, service interruptions and rises in operating costs.
But the agency noted transport arteries slated for completion within the next few years posed competitive risks.
'New routes and tunnels could result in a decline in private car and bus traffic in the existing tunnels,' Mr Woo said.
'But the impact is a few years off. There would be no impact on the short-term bonds, only on the longer-term ones.'
