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China's Baosteel Raised To 'BBB+' From 'BBB' Dec 04 Product Image

China's Baosteel Raised To 'BBB+' From 'BBB' Dec 04

  • ID: 2032100
  • December 2004
  • Region: China
  • Standard & Poors

Abstract
HONG KONG (Standard & Poor's) Dec. 6, 2004--Standard & Poor's Ratings Services said today that it had raised its corporate credit rating on Shanghai Baosteel Group Corp. (Baosteel Group) to 'BBB+' from 'BBB'. At the same time, the ratings agency raised its corporate credit rating on Baosteel Group's 85%-owned and listed subsidiary, Baoshan Iron & Steel Co. Ltd. (Baosteel Ltd.), to 'BBB+' from 'BBB'. The outlook on both ratings is stable. The rating action reflects Baosteel Group's improved financial position, disciplined growth strategy, and a continued improvement in the company's steel operations. "The company has made significant operational progress over the past few years, while maintaining a conservative financial profile, said Standard & Poor's credit analyst, Yaping Shi. The ratings...

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

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.

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

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