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Bulletin: CITIC Group And CIFH Ratings Unaffected By Privatization Plan, Equity Sale Jun 08
Standard & Poors, June 2008
Abstract
HONG KONG (Standard & Poor's) June 5, 2008--Standard & Poor's Ratings Services said today that its ratings on CITIC Group (BBB-/Positive/A-3) and CITIC International Financial Holdings Ltd. (CIFH; BBB-/Positive/A-3) are not immediately affected by CITIC Group's proposal to take CIFH private. The ratings are also unaffected by a plan by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; AA/Stable/A-1+) to roughly double its stake in CIFH and China CITIC Bank Co. Ltd. (CNCB; not rated) to around 30% and 10% respectively. CIFH and CNCB are effectively 56%-owned and 70.7%-owned core subsidiaries of CITIC Group. Standard & Poor's believes that BBVA's increased equity in CIFH and CNCB is likely to strengthen strategic cooperation among these parties, and will particularly benefit corporate governance and...
Companies mentioned in this report are: CITIC Group,Banco Bilbao Vizcaya Argentaria S.A.,CITIC International Financial Holdings Ltd. (Unsolicited Ratings)
Action: Bulletin
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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