S&P: Huayi Group to stable

S&P said it revised its outlook on Huayi Group (Hong Kong) Ltd. to stable from negative and affirmed the BB+ long-term corporate credit rating and BB+ long-term issue rating on the senior unsecured notes guaranteed by the company.

The agency said the affirmation and revision follow the same actions taken on parent Shanghai Huayi (Group) Co.

“We believe Shanghai Huayi's improved financial leverage will sustain in the coming one to two years as a result of a sustained recovery in the chemicals industry,” S&P said in a news release.

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