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Prospect News home > News index > List of issuers Z > Headlines for Zhongsheng Group Holdings Ltd. > News item
Published on 10/14/2022 in the Prospect News Convertibles Daily and Prospect News Emerging Markets Daily.

S&P ups Zhongsheng Group

S&P said it raised its long-term issuer credit rating on Zhongsheng Group Holdings Ltd. to BBB from BBB-.

The outlook is stable.

“Chinese auto retailer Zhongsheng Group Holdings Ltd. performed solidly in the first half of 2022, benefiting from strong aftersales services, despite weak new car sales,” S&P said in a news release.

“We expect the company to remain conservative on debt-funded acquisitions and expansion, and to keep its debt-to-EBITDA ratio at about 1.0x in 2022 and 2023.”


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