S&P upgrades Geely from junk

S&P said it raised the long-term corporate credit rating on Geely Automobile Holdings Ltd. to BBB- from BB+.

The outlook is stable.

“Our upgrade on Geely Auto is driven by our reassessment of the credit profile of parent Zhejiang Geely Holding Group Co. Ltd. (Zhejiang Geely),” S&P said in a news release.

“We expect Zhejiang Geely to continue improving its group-wide competitive position while further gaining market share in China and globally. This is supported by very strong momentum from Geely Auto, continuing group-wide technology improvements, and the successful marketing and sales execution of Volvo Cars AB, Geely Auto's sister company.”

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