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S&P lifts Zoomlion to stable
S&P said it revised its outlook on Zoomlion Heavy Industry Science and Technology Co. Ltd. to stable from negative.
The agency also said it affirmed the company's B long-term corporate credit rating, along with the B long-term issue rating on the senior unsecured notes that Zoomlion H.K. SPV Co. Ltd. issued.
Zoomlion guarantees the notes, S&P noted.
In line with the outlook revision, the agency said it revised the long-term Greater China regional scale rating on Zoomlion and the notes to cnBB- from cnB+.
The outlook was revised to stable from negative because it anticipates that the company's cash flow and leverage will improve over the next 12 months, S&P said.
The agency said it anticipates a recovery in demand in the construction machinery sector in China because of a higher commencement rate of infrastructure projects.
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