S&P affirms Citic Pacific

Standard & Poor's said it affirmed its BB+ corporate credit rating on Citic Pacific Ltd.

The outlook is stable.

At the same time, the agency said it affirmed the BB+ issue rating on senior unsecured notes issued by Citic Pacific Finance (2001) Ltd. and guaranteed by Citic Pacific.

"The rating affirmations recognize the group's diversified operations and the strong asset value of many investments, which support its financial flexibility and liquidity," said S&P credit analyst Lawrence Lu.

While elements of Citic Pacific's business profile are sound, the rating affirmations recognize the company's weak financial metrics and its shift in focus toward two core businesses: property and steel, the agency said.

These segments are exposed to high underlying industry risks and are susceptible to volatile operating conditions, S&P noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.