Research Update: Baosteel Outlooks Revised To Positive On Expected Improvement In Business, Financial Profiles Oct 07

Standard & Poors, October 2007

Abstract
On Oct. 11, 2007, Standard & Poor's Rating Services revised the outlook on the ratings on Baosteel Group Corp. (Baosteel Group) and its subsidiary Baoshan Iron & Steel Co. Ltd. (Baoshan Ltd.) to positive from stable. At the same time, Standard & Poor's affirmed the 'A-' long-term corporate credit ratings on the two companies (collectively "Baosteel"). The positive outlook reflects our expectation that the business and financial profiles of Baosteel are likely to improve further following the successful execution of its expansion plans, which will be funded using its strong financial resources. The affirmation of the foreign-currency rating on Baoshan Ltd. reflects the company's leading position in China's steel industry, in terms of production scale and market share in its...

Companies mentioned in this report are: Baoshan Iron & Steel Co. Ltd.,Baosteel Group Corp.
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.

Baoshan Iron & Steel Co. Ltd.,Baosteel Group Corp.

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