S&P affirms Zhongrong ratings

S&P said it affirmed the BB- long-term and B short-term issuer credit ratings on Zhongrong International Holdings Ltd. and affirmed the BB- long-term issue rating on the senior notes that the company guarantees.

The ratings were taken off CreditWatch with negative implications and the outlook is negative, reflecting the agency’s view that the linkages between Zhongrong’s parent company Zhongrong International Trust Co. Ltd. are weakening, and may undermine the potential for extraordinary parental support.

The ratings were placed on CreditWatch on April 18, but they were taken off because the company has repaid its debts due in 2019 and 2020, largely mitigating near-term liquidity risks, S&P said in a news release.

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