Fitch raises Qingdao China Prosperity

Fitch Ratings said it upgraded the rating on Qingdao China Prosperity State-owned Capital Investment Operation Group Co., Ltd.’s (QCPS) $600 million of 2.98% senior unsecured notes due March 4 to BBB+ from BBB and the long-term foreign- and local-currency issuer default ratings to BBB+ from BBB. All the ratings have been removed from under criteria observation.

“The upgrade reflects our stronger assessment of the Qingdao municipality's incentive to support QCPS under the preservation of government policy role factor after the publication of a new government-related entities rating criteria on Jan. 12, 2024. The upgrade is also supported by QCPS' improved stand-alone credit profile (SCP) to bb- from b due to more sustainable dividends from its subsidiary, Hisense Group Holdings Co., Ltd.,” Fitch said in a statement.

The outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.