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S&P lowers view on 20 Chinese companies to negative
Standard & Poor’s said it revised the outlook to negative from stable and affirmed the corporate credit ratings on 20 Chinese government-related companies.
China Mobile Ltd.’s corporate credit rating was affirmed at AA-, along with China National Offshore Oil Corp.’s corporate credit rating at A+, CNOOC Ltd.’s corporate credit ratings at A+, CNOOC Finance Corp. Ltd.’s corporate credit rating at A+, China National Petroleum Corp.’s corporate credit rating at AA-, CNPC Finance (HK) Ltd.’s corporate credit rating at A+, China Petrochemical Corp.’s corporate credit rating at A+, China Petroleum & Chemical Corp.’s corporate credit rating at A+, China Railway Construction Corp. Ltd.’s corporate credit rating at A-, China Shenhua Energy Co. Ltd.’s corporate credit rating at AA-, Shenhua Hong Kong Ltd.’s A+ corporate credit rating, China Southern Power Grid Co. Ltd.’s corporate credit rating at AA- and Hengli (Hong Kong) Real Estate Ltd.’s corporate credit rating at BBB.
Also affirmed with negative outlooks was Poly Real Estate Finance Ltd.’s senior unsecured rating at BBB-, Poly Real Estate Group Co. Ltd.’s corporate credit rating at BBB+, Power Construction Corp. of China’s corporate credit rating at A- and greater China regional scale rating at cnAA-, Shanghai International Port (Group) Co. Ltd.’s corporate credit rating at AA-, Sinopec Century Bright Capital Investment Ltd.’s corporate credit rating at A, Sinopec Insurance Ltd.’s local-currency counterparty credit rating at A+, State Grid Corp. of China’s corporate credit rating at AA- and State Grid International Development Ltd.’s corporate credit at A+.
The outlook revisions on the GREs follow a similar revision of the outlook on the sovereign credit rating of the People’s Republic of China, S&P said.
These revisions reflect a view that China’s potentially weakening credit strength in the next 24 months might negatively affect the extent of its support to the Chinese government-related issuers, if needed, the agency said.
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