Moody's alters Dongxing Securities view to stable

Moody's Investors Service said it changed the outlook for Dongxing Securities Co., Ltd. to stable from under review and confirmed the Baa2 local-currency and foreign-currency issuer ratings.

The agency also confirmed the backed Baa2 local-currency senior unsecured debt rating of Dongxing Voyage Co. Ltd., which is guaranteed by Dongxing Securities. These actions conclude the review for downgrade started on Aug. 26, Moody’s said.

“The confirmation of Dongxing Securities' ratings with a stable outlook reflects 1) Moody's view that the company's overall credit profile will continue to benefit from the very high level of affiliate support from China Orient Asset Management Co., Ltd. (Orient AMC, A3 stable) and very high level of government support from the Chinese government (A1 stable) via Orient AMC; and 2) the company's stable performance and financial position, which will continue to support the ba2 stand-alone assessment,” the agency said in a press release.

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