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S&P lifts China Cinda HK
S&P said it affirmed the A- long-term and A-2 short-term issuer credit ratings and cnAA long-term and cnA-1 short-term Greater China regional scale ratings on China Cinda Asset Management Co. Ltd.
The outlook is stable.
The agency also said it affirmed the A- long-term issue rating and cnAA long-term Greater China regional scale rating on the debt programs and issues of China Cinda and those it guarantees.
S&P also said it raised the long-term issuer credit rating on China Cinda's Hong Kong-based subsidiary China Cinda (HK) Holdings Co. Ltd. to A- from BBB+ and affirmed the A-2 short-term issuer credit rating.
The agency also said it raised the Greater China regional scale ratings on China Cinda HK to cnAA and cnA-1 from cnA+ and cnA-1, along with the long-term issue rating on the debt programs and issuances by Cinda HK to A- from BBB+ and Greater China regional scale rating to cnAA from cnA+.
All of the ratings were removed from CreditWatch, where they were placed with negative implications in September 2015.
The company's planned RMB 30 billion preference share issuance will replenish its capitalization this year to a level sustaining the current ratings, the agency said.
The ratings also reflect the relative strength of the newly acquired and Hong Kong incorporated and regulated Nanyang Commercial Bank, which has a well-maintained capital buffer and a stable business franchise, S&P said.
China Cinda is expected to be resilient to a potential worsening of economic risk in China, given its capital boost, relatively slower asset growth under the group's new capital management plan and reasonable profitability, the agency said.
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