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S&P: Beijing Enterprises on watch
Standard & Poor’s said it placed the BBB+ long-term corporate credit rating and cnA+ long-term Greater China regional scale rating on Beijing Enterprises Holdings Ltd. on CreditWatch with negative implications.
The agency also said it placed on negative watch the BBB+ long-term issue rating and cnA+ long-term Greater China regional scale rating on the outstanding senior unsecured notes that the company guarantees.
The negative watch reflects an expectation that the financial strength of the group may weaken following its proposed acquisition of entire shares in EEW Holding GmbH and partnership interests in M+E Holding GmbH & Co. KG, S&P said.
S&P said it continues to view Beijing Enterprises Holdings as a core subsidiary of Beijing Enterprises Group, which is why the holdings company has the same BBB+ rating assessment.
The watch will be resolved when the agency has sufficient information to assess EEW’s business and financial risk, the agency said, and when more is known about the funding plan for the acquisition.
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