S&P lowers China Automation unsecureds

S&P said it reviewed its senior unsecured issue-level ratings on China Automation Group Ltd. that were labeled as under criteria observation (UCO) after publishing its revised issue ratings criteria.

With the criteria review complete, S&P said it is removing the UCO designation from these ratings and lowering the rating on China Automation Group's guaranteed $30 million senior unsecured debt to CCC- from CCC.

The notes were issued by Tri-Control Automation Co. Ltd.

The rating actions stem solely from the application of the revised issue rating criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, the agency said.

The action also takes into consideration China Automation Group's capital structure, which consists of roughly RMB 740 million of secured debt and RMB 200 million of unsecured debt at year-end 2016, S&P said.

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