S&P rates China Metallurgical, notes BBB-

Standard & Poor's said it assigned a BBB- long-term corporate credit rating to China Metallurgical Group Corp., along with a BBB- rating to the proposed issue of benchmark-sized senior unsecured notes that the company guarantees.

The agency also said it assigned a cnA- Greater China scale credit rating to the group and the proposed notes. MCC Holding (Hong Kong) Corp. Ltd., a fully owned subsidiary of Metallurgical Corp. of China Ltd., will issue the notes.

The outlook is stable.

The ratings reflect the company's stand-alone credit profile of BB and the moderately high likelihood of timely and sufficient support from the government of China, S&P said.

The government also exerts a strong influence on the company's strategy through the appointment of the board and senior management, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.