Fitch views Qingdao China negatively

Fitch Ratings said it revised the outlook on Qingdao China Prosperity State-owned Capital Investment Operation Group Co., Ltd. (QCPS) to negative from stable.

“The revision in the outlook follows a change in our assessment of the outlook of the sponsor, Qingdao municipality, while our assessment of the linkages between the government-related entity (GRE) and the municipality remains unchanged,” Fitch said in a statement.

The agency affirmed the BBB long-term foreign- and local-currency issuer default ratings at BBB. Fitch also affirmed QCPS' outstanding senior unsecured U.S. dollar notes issued by Huasing International Holdings Co., Ltd. and Huatong International Investment Holdings Co., Ltd. at BBB. QCPS guarantees the notes.

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