S&P affirms Tianjin Infrastructure

S&P said it affirmed its A- long-term issuer credit rating on Tianjin Infrastructure Construction & Investment Group Co. Ltd.

The outlook is stable.

At the same time, the agency affirmed the A- issue rating on the company's dollar-denominated senior notes.

S&P said it affirmed the ratings because it believes the company’s credit profile continues to be underpinned by its sole owner, the city of Tianjin.

“We maintain our opinion that there is an almost certain likelihood of extraordinary government support if the company were to experience financial distress,” the agency said in a news release.

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