Moody's lowers Shanghai Electric baseline rating

Moody's Investors Service said it affirmed the A2 issuer ratings of Shanghai Electric (Group) Corp. and its key subsidiary, Shanghai Electric Group Co. Ltd.

Moody's also said it affirmed the A2 senior unsecured rating of the bond issued by Shanghai Electric Newage Co. Ltd. and guaranteed by Shanghai Electric.

The agency also affirmed he A2 senior unsecured rating of the bond issued by Shanghai Electric Group Global Investment Ltd. and guaranteed by Shanghai Electric.

Moody's also downgraded Shanghai Electric's baseline credit assessment to Baa1 from A3.

Moody's also said it changed the uplift incorporated in Shanghai Electric's rating to two notches from one based on an assessment of the high likelihood of support that the company will receive from the government of China in times of need.

The outlook was revised to negative from stable.

The outlook revision considers an expectation that Shanghai Electric could face challenges in their business transformation, Moody's explained.

© 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.