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S&P ups Shanghai Huayi
S&P said it raised its long-term issuer credit rating on Shanghai Huayi (Group) Co. to BBB from BBB-, as well as the long-term issuer credit rating on Huayi Group (Hong Kong) Ltd. and the long-term issue rating on the company’s guaranteed senior unsecured notes to BBB- from BB+. Huayi HK is Shanghai Huayi's subsidiary.
In explaining the upgrade, S&P cited the company’s low leverage over the past 18 months and greater control over its capital spending.
The outlook is stable.
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