S&P affirms Shanghai Construction

S&P said it affirmed its BBB long-term issuer credit rating on Shanghai Construction Group Co. Ltd.

The outlook is stable.

The agency also affirmed the BBB- long-term issue rating on the outstanding senior unsecured notes that the company guarantees.

S&P said it affirmed the ratings because it expects the company’s stable cash flows from its engineering and construction business and extraordinary support from the Shanghai government to temper risks from a likely rise in financial leverage over the next two years.

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