S&P cuts four Chinese asset managers

S&P said it cut its ratings for four major Chinese asset managers.

“Chinese asset management companies are facing increasingly challenging operating conditions due to the economic slowdown, greater market volatility, and a slump in the property sector, leading to weaker earnings expectations,” the agency said in a press release.

S&P sliced China Great Wall Asset Management Co. Ltd. to BBB from A- and lowered the long-term issuer credit rating on China Great Wall AMC (International) Holdings Co. Ltd. to BBB from BBB+. The outlooks are stable. “We removed the ratings from CreditWatch where they were placed with negative implications on July 12, 2022,” the agency said.

The agency lowered its issuer credit ratings on China Huarong Asset Management Co. Ltd. and China Huarong International Holdings Ltd. to BBB- from BBB. The outlooks are stable.

S&P cut its long-term issuer credit ratings on China Cinda Asset Management Co. Ltd. and China Cinda (HK) Holdings Co. Ltd. to BBB+ from A-. The outlook is stable.

The agency also trimmed its long-term issuer credit ratings on China Orient Asset Management Co. Ltd. and China Orient Asset Management (International) Holding Ltd. to BBB from BBB+. Finally, S&P pared China Orient’s subsidiary Dongxing Securities Co. Ltd.’s issuer rating to BBB- from BBB. The outlooks are stable.

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