HONG KONG (Standard & Poor's) May 5, 2009--Standard & Poor's Ratings Services today revised the outlook on the corporate credit ratings on Baosteel Group Corp. and its subsidiary Baoshan Iron & Steel Co. Ltd. to negative from stable. At the same time, Standard & Poor's affirmed its 'A-' long-term corporate credit ratings on the two companies (collectively referred to as Baosteel). "This outlook revision reflects our expectation that the operating environment will continue to be challenging for Baosteel due to continued weakness in demand, and the competitive pressure from overcapacity in China's market, Baosteel's principal market," said Standard & Poor's credit analyst Lawrence Lu. "We expect both factors to more than offset the benefits from China government's economic stimulus package...
Companies mentioned in this report are: Baosteel Group Corp.
Action: Outlook: Negative
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Research type: News
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