S&P rates Beijing Shougang Fund BBB+

S&P said it assigned its BBB+ long-term and A-2 short-term issuer credit ratings to Beijing Shougang Fund Co. Ltd.

The outlook is stable.

The agency said the ratings on Shougang Fund reflect a view of an extremely high likelihood of support from the Beijing municipal government to Shougang Group Co. Ltd., the parent group.

The ratings also reflect the indirect pass-through of extraordinary government support to Shougang Fund through the group, and the fund's instrumental role in the transformation of Beijing and the wider group.

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