S&P rates Wuxi BBB+

S&P said it assigned a BBB+ long-term corporate credit rating to Wuxi Construction and Development Investment Co. Ltd.

The outlook is stable.

The agency also said it assigned a cnA+ long-term Greater China regional scale rating to the company.

Wuxi is a construction services provider and the largest financing and investing company focusing on urban infrastructure development for the Wuxi municipal government, S&P explained.

The ratings are based on the credit profile of the Wuxi municipal government and the support expected to the company from the government if needed in financial distress, the agency said.

The ratings also reflect the company’s critical role and integral link with the government, S&P said.

Wuxi has a stand-alone credit profile of B, reflecting the company’s high dependence on the government’s public spending plan, small scale and concentration in business and geography, the agency said.

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