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S&P: Geely Automobile view to positive
S&P said it revised the outlook on Geely Automobile Holdings Ltd. to positive from stable.
The agency also said it affirmed the company's BB+ long-term corporate credit rating and cnBBB+ long-term Greater China regional scale rating.
S&P also said it affirmed the BB+ long-term issue rating and cnBBB+ long-term Greater China regional scale rating on the company's outstanding senior unsecured notes.
The credit profile of parent company, Zhejiang Geely Holding Group Co. Ltd., determines the rating on Geely Auto, the agency said.
The agency said it revised the outlook because the parent company will continue to improve its credit metrics over the next 12 to 24 months, while achieving sustained volume and revenue growth.
Geely Auto's 78% revenue growth in 2016 was due to a very favorable response to its new model launches, S&P added.
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