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Moody’s applies A3 to Citic Group
Moody's Investors Service said it assigned an A3 issuer rating to Citic Group Corp.
The outlook is negative.
Moody’s said the A3 rating reflects Citic Group's ba1 baseline credit assessment (BCA) and a four-notch uplift based on the expectation of a high level of financial support from the Chinese government (Aa3 negative) in times of financial distress.
"The group's BCA is underpinned by the standalone credit strength of Citic Ltd., which accounts for over 90% of Citic Group's total assets, revenue, and profits," Joe Morrison, Moody's vice president, senior credit officer and the international lead analyst for Citic Group, said in a news release.
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