Moody's ups Citic view to stable

Moody's Investors Service said it changed to stable from negative the outlook on various ratings for the Citic Group, China Citic Bank and Citic Ka Wah Bank.

The agency also said it affirmed Citic Group's long-term foreign-currency senior debt rating at Baa2 and 12 baseline credit assessment; China Citic Bank's long-term and prime-2 short-term foreign-currency deposit ratings at Baa2 and all Citic Ka Wah Bank's debt and deposit ratings.

The change in outlook reflects an expectation that the group's financial position will remain stable and that its liquidity will remain sufficient at its current rating level, Moody's said.

Furthermore, total debt at the holding company level decreased as Citic Group repaid some of its debt in 2009 from operating cash flow and cash flow from investments, the agency said.

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