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Research Update: China Automation Group Ltd. And Proposed Bonds Assigned 'BB-' Rating; Outlook Stable Apr 11
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Abstract
China Automation has a limited revenue base and high customer concentration. It has dominant position in the petrochemical and railways' control systems' market. We assigned our 'BB-' long-term corporate credit rating to the company and our 'BB-' issue rating to its proposed senior unsecured offshore bonds. The stable outlook reflects out expectation that China Automation will improve its revenue base while maintaining good profitability. On April 6, 2011, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to China-based industrial safety and critical control systems provider, China Automation Group Ltd. (CAG). The outlook is stable. At the same time, we assigned our 'BB-' issue rating to the company's proposed senior unsecured notes. The rating on the notes...
Companies mentioned in this report are: China Automation Group Ltd.
Action: New Rating
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