S&P gives China Huayang, notes B+

S&P said it assigned its B+ long-term corporate credit rating to China Huayang Economic and Trade Group Co. Ltd.

The outlook is stable.

At the same time, the agency assigned its B+ long-term issue rating to the company's proposed issue of dollar-denominated senior notes.

S&P said the rating on Huayang reflects an expectation that the company will maintain its market position in its trading business and further develop its petrochemicals business.

“We expect Huayang's leverage to remain high and its liquidity to be less than adequate in the next 12 months,” the agency said in a news release.

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