S&P affirms Shanghai Electric

S&P said it affirmed the A long-term issuer credit ratings on Shanghai Electric (Group) Corp. and its subsidiary Shanghai Electric Group Co. Ltd.

S&P also affirmed the A long-term issue rating on the notes that both companies guarantee.

A negative outlook reflects the rating agency’s view that the company’s debt-to-EBITDA ratio will remain close to 2x for the next 12 months to 24 months, and the company will continue to be exposed to power equipment industry headwinds and expansion risks.

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