S&P affirms Qingdao City Construction

S&P said it affirmed its BBB long-term issuer credit rating on Qingdao City Construction Investment (Group) Ltd. (QCCI) and affirmed the BBB- long-term issuer credit rating on Hongkong International (Qingdao) Co. Ltd. (QCCI HK).

The outlooks are negative.

S&P also affirmed its BBB- rating on the U.S. dollar-denominated senior unsecured notes that QCCI HK issued.

QCCI is a construction company and the largest local government financing vehicle (LGFV) in Qingdao. QCCI HK is a Hong Kong-incorporated offshore financing platform for QCCI.

“We affirmed the ratings on QCCI and QCCI HK with negative outlook to reflect our view that the likelihood of extraordinary government support to QCCI from the Qingdao municipal government is gradually weakening,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.