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Baosteel Group Corp. Dec 11
Standard & Poors, Dec 2011
Abstract
Good long-term demand growth potential of the Chinese steel industry Strong market position and high-end focused product portfolio Solid credit metrics and strong liquidity Highly cyclical and competitive nature of the steel industry Fragmented and overcapacity nature of Chinese steel industry Potential expansion into overseas raw material and steel markets The rating on Baosteel Group Corp. reflects the company's stand-alone credit profile of 'bbb+' and our opinion of a 'high' likelihood of timely and sufficient extraordinary support from the government of the People's Republic of China (AA-/Stable/A-1+; cnAAA/cnA-1+) in the event of financial distress. We consider Baosteel as a government-related entity (GRE). The Chinese government owns 100% of the company through the State Assets Supervision and Administration Commission (SASAC). In...
Companies mentioned in this report are: Baosteel Group Corp.,POSCO
Action: Review
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: Full Analysis
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