China's Baosteel Raised To 'BBB+' From 'BBB' Dec 04
- ID: 2032100
- December 2004
- Region: China
- Standard & Poors
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.
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