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S&P affirms Geely Automobile
S&P said it affirmed the BBB- long-term issuer credit rating on Geely Automobile Holdings Ltd.'s (Geely Auto).
S&P also affirmed its BBB- long-term issue rating on the U.S. dollar-denominated bonds that Geely Auto issued.
The outlook is stable.
“We have affirmed our rating on Geely Auto because we anticipate Geely Auto will maintain its market leadership and net cash position and its parent to maintain modest leverage level in the next 12-24 months. This is despite the company's 15% year-over-year sales volume decline in the first half this year against a backdrop of a market downturn in China,” S&P said in a news release.
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