Fitch rates Shougang notes A-

Fitch Ratings said it assigned a final rating of A- to Shougang Corp.'s $400 million 3 3/8% senior notes due Dec. 9, 2019.

The notes are rated at the same level as Shougang's senior unsecured rating as they represent the company's direct, unconditional, unsecured and unsubordinated obligations, Fitch said.

The company’s ratings are linked to an internal assessment of the creditworthiness of Beijing municipality, reflecting the company's strong operational and strategic ties with the Beijing government, the agency said.

Shougang is 100% owned by the Beijing State-Owned Assets Supervision and Administration Commission (Sasac).

Beijing municipality has a robust budgetary performance, strong and well-diversified socioeconomic profile and a close relationship with the China sovereign, owing to its status as the capital, Fitch said.

The stable outlook reflects an expectation that Shougang's operations will remain stable and government support will remain strong, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.