S&P rates Geely notes BB+

Standard & Poor’s said it assigned a BB+ long-term corporate credit rating to Geely Automobile Holdings Ltd.

The agency also said it assigned a cnBBB+ long-term Greater China regional scale rating to the company, along with a BB+ long-term issue rating and cnBBB+ Greater China regional scale issue rating to the company’s proposed dollar-denominated senior unsecured notes.

The outlook is stable.

The ratings on Geely Automobile reflect the BB+ group credit profile of its parent, Zhejiang Geely Holding Group Co. Ltd., S&P said.

The agency said it considers Geely Auto to be a core subsidiary of the group.

The company plays a critical role in the group’s growth strategy, S&P said, and benefits from its operational integration and name association with its parent.

The ratings also consider the company’s weak market share relative to global peers and a somewhat narrow product line, the agency said.

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