Research Update: CITIC Affirmed At 'BBB-/A-3' On Improving Profitability, Asset Quality Despite SIV Exposure Nov 07
Standard & Poors, November 2007
Abstract
On Nov. 28, 2007, Standard & Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term foreign currency counterparty credit ratings on CITIC Group (CITIC). The outlook is positive. Concurrently, Standard & Poor's affirmed its 'BBB-' foreign currency issue rating on CITIC's ¥10 billion bond due 2016. At the same time, Standard & Poor's affirmed its 'BBB-' long-term and 'A-3' short-term counterparty credit ratings on CITIC International Financial Holdings Ltd. (CIFH), CITIC's 55.4%-owned Hong Kong-based subsidiary. The outlook is positive. Concurrently, Standard & Poor's affirmed its 'BBB-' issue rating on a US$180 million convertible bond issued by CIFH (CB-I) Ltd. The affirmations follow CIFH's announcement on Nov. 27, 2007 that its wholly owned subsidiary, CITIC Ka Wah Bank Ltd. (CKWB),...
Companies mentioned in this report are:
- CITIC Group Corp.
- Banco Bilbao Vizcaya Argentaria S.A.
- CITIC Ka Wah Bank Ltd.
- CITIC International Financial Holdings Ltd. (Unsolicited Ratings)
Action: Affirmed
Action: Outlook: Positive
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.
- CITIC Group Corp.
- Banco Bilbao Vizcaya Argentaria S.A.
- CITIC Ka Wah Bank Ltd.
- CITIC International Financial Holdings Ltd. (Unsolicited Ratings)
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
