S&P affirms China Huarong

S&P said it affirmed the A- long-term and A-2 short-term issuer credit ratings on China Huarong Asset Management Co. Ltd. and affirmed the BBB+ long-term and A-2 short-term issuer credit ratings on China Huarong International Holdings Ltd.

The outlook is negative.

At the same time, the agency affirmed the BBB+ long-term rating on all debt and issuances that Huarong International guarantees.

S&P removed all the ratings from CreditWatch, where they were placed with negative implications on Sept. 22.

“We affirmed the ratings to reflect our view that the financial leverage of China Huarong's non-bank operations will reduce to less than 6.5x in 2018 and stay at similar level over the next two years,” the agency said in a news release.

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