Fitch revises Qingdao City view to stable

Fitch Ratings said it revised Qingdao City Construction Investment (Group) Ltd.'s outlook to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at BBB.

“The outlook has been revised because we now expect the issuer to continue receiving government support to carry out its public-service provisions, a change from our earlier perception of more volatile tangible support from the government. The continuous receipt of support from the Qingdao municipality and the lack of significant regulatory or policy restrictions on government support affirm our assessment of a 'Moderate' support track record and expectation,” said Fitch in a press release.

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