Moody’s cuts China state-owned companies to negative

Moody's Investors Service said it changed the outlooks on various of China's state-owned enterprises (SOEs) and rated subsidiaries to negative following its March 2 decision to change the outlook on the Aa3 rating of China to negative from stable.

The affected corporate finance companies include: Citic Group Corp., Citic Ltd., China Mobile Ltd., Power Construction Corp. of China, China State Construction International Holdings Ltd., China State Construction Engineering Corp. Ltd., China Communications Construction Co. Ltd., China Railway Construction Corp. Ltd., Dongfeng Motor Group Co. Ltd., Tianjin Binhai New Area Construction & Investment Group Co., Tianjin Free Trade Zone Investment Holding Group Co. Ltd., Beijing State-Owned Assets Management Co., Ltd., Bright Food (Group) Co., Ltd., China Metallurgical Group Corp., CSR Zhuzhou Electric Locomotive Co., Ltd., Hangzhou Hikvision Digital Technology Co., Ltd., Poly Real Estate Group Co. Ltd., Shanghai Construction Group Co., Ltd., Shanghai Electric (Group) Corp. and Shanghai Electric Group Co. Ltd.

The following project and infrastructure finance companies are affected: China General Nuclear Power Corp., China Three Gorges Corp., Shanghai Electric Power Co., Ltd., Beijing Infrastructure Investment Co., Ltd., China Longyuan Power Group Corp., Ltd., China Southern Power Grid Co., Ltd., Zhejiang Provincial Energy Group Co. Ltd., State Grid Corp. of China, Anhui Transportation Holding Group Co., Ltd., Guangzhou Communications Investment Group and Changchun Urban Development Investment Holdings (Group) Co. Ltd.

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