Moody’s assigns Zhongsheng Baa3

Moody’s Investors Service said it assigned a first-time Baa3 issuer rating to Zhongsheng Group Holdings Ltd.

“The Baa3 rating reflects Zhongsheng’s strong position in China’s (A1 stable) auto dealership market, its large dealership network, favorable brand and market exposure and efficient operational management, which have contributed to its steady business performance,” said Roy Zhang, a Moody’s vice president and senior analyst, in a press release.

“The rating also reflects Zhongsheng’s sound financial profile, prudent financial policy and linkage with its strategic shareholder, Jardine Strategic Holdings Ltd. (Jardine Group, A1 stable),” added Zhang.

The outlook is stable. The outlook reflects Moody’s expectation Zhongsheng will continue to grow its business while prudently managing its financial profile, the agency said.

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