S&P ups China Merchants

S&P said it raised its long-term issuer credit ratings on China Merchants Port Holdings Co. Ltd. (CMPort) and China Merchants Commerce Financial Leasing Co. Ltd. (CMC Leasing) CMPort to BBB+ from BBB.

“We upgraded CMPort and CMC Leasing because we believe the credit profile is strengthening for its controlling shareholder, China Merchants Group. We see a higher likelihood of extraordinary support from the central government for the group, which would flow through to CMPort and CMC Leasing if needed in times of stress,” S&P said in a press release.

The outlook is stable.

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