S&P gives BB+ long-term ICR to Zhongrong

S&P said it assigned its BB+ long-term and B short-term issuer credit ratings to Zhongrong International Trust Co. Ltd.

The outlook on the long-term rating is stable.

At the same time, the agency assigned its Greater China regional scale long-term rating of cnBBB+ and short-term rating of cnA-2 to the Chinese trust company.

"The ratings reflect the leading Chinese trust company's stand-alone credit profile (SACP) of 'bb' and one-notch rating uplift for the moderate likelihood of extraordinary government support that Zhongrong might receive from China Trust Protection Fund (CTPF) if it were in distress," S&P credit analyst Harry Hu said in a news release.

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