S&P lifts Shanghai Industrial

Standard & Poor's said it raised the long-term foreign-currency corporate credit rating on Shanghai Industrial Urban Development Group Ltd. to BB from B.

The agency also said it assigned a BB local-currency long-term corporate credit rating.

The outlook is stable.

S&P also said it raised the long-term Greater China regional scale rating on the company to cnBBB- from cnBB-.

The agency also said it raised the long-term issue rating on Shanghai Industrial's outstanding senior unsecured notes to BB- from B- and the long-term Greater China regional scale issue rating to cnBB+ from cnB+.

The upgrade reflects a three-notch uplift from the company's stand-alone credit profile of B because of stronger parental support than before, S&P said.

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