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Baosteel Rating Downgraded to 'BBB-', Removed From CreditWatch; Outlook Negative Feb 99
Standard & Poors, Feb 1999
Abstract
HONG KONG (Standard & Poor's CreditWire) Feb. 11, 1999 -- Standard & Poor's today lowered its long-term foreign currency corporate credit rating of Shanghai Baosteel Group (Baosteel), formerly Baoshan Iron & Steel Corp., to triple-'B'-minus from triple-'B'-plus. At the same time, the rating was removed from CreditWatch, where it was placed on Aug. 10, 1998. The outlook on the rating is negative. The downgrade reflects concerns about Baosteel's business prospects and the financial risks associated with recent government-led reforms of the state-owned enterprise sector. Baosteel Group's operating profits are expected to decline in 1999 amid the lingering fallout from Asia's financial crisis. Moreover, heated competition from Japanese, South Korean, and other Chinese steel makers, coupled with slower economic growth in...
Companies mentioned in this report are: Baosteel Group Corp.
Action: Downgraded, Off CreditWatch
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.
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