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S&P changes China Cinda watch to developing
Standard & Poor’s said it placed China Cinda (HK) Holdings Co. Ltd.’s (Cinda HK) BBB+ long-term and A-2 short-term issuer credit ratings, cnA+/cnA-1 Greater China regional scale ratings and the BBB+ long-term issue rating and cnA+ long-term Greater China regional scale rating on the debt programs and issues on CreditWatch with developing implications, revised from CreditWatch with negative implications.
Parent company China Cinda Asset Management Co. Ltd.’s A- long-term and A-2 short-term issuer credit ratings, cnAA/cnA-1 Greater China regional scale ratings; and the A- long-term issue rating and cnAA long-term Greater China regional scale rating on the debt programs and issues remain on CreditWatch, where they were placed with negative implications on Sept. 22, 2015.
S&P said the CreditWatch placement on China Cinda reflects the one-off hit on the distressed-asset manager's capitalization from substantial goodwill to be created upon its acquisition of Nanyang Commercial Bank and some uncertainties around how and when the company could replenish its capitalization to a level that would underpin the current rating.
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