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S&P changes Qingdao City view
S&P said it revised its outlook on Qingdao City Construction Investment (Group) Ltd. to negative from stable and affirmed the long-term corporate credit BBB rating on the company.
In addition, the agency revised the outlook on Hongkong International (Qingdao) Co. Ltd. to negative from stable and affirmed the BBB- long-term corporate credit rating.
S&P also affirmed the BBB- rating on the dollar-denominated senior notes issued by Qingdao City.
“We revised our outlook on QCCI because we believe the credit quality of Qingdao government has weakened,” the agency said in a news release.
“In our view, the local government's financial capacity to provide extraordinary support to QCCI, if required, is challenged by the government's credit standing over the next 24 months.”
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