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Research Update: China's Baosteel Raised To 'BBB+' From 'BBB' Dec 04
Standard & Poors, December 2004
On Dec. 6, 2004, Standard & Poor's Ratings Services raised its corporate credit ratings on Shanghai Baosteel Group Corp. (Baosteel Group) and Baoshan Iron & Steel Co. Ltd. (Baosteel Ltd.), collectively, Baosteel, to 'BBB+' from 'BBB'. The outlook on the ratings is stable. The rating action reflects Baosteel's improved product mix and operating efficiency, as well as a stronger financial profile as a result of an increase in the price of steel. Baosteel is the largest integrated steel manufacturer in mainland China and is the sixth largest worldwide. Baosteel group owns 85% of Baosteel Ltd. The group's core steel businesses accounted for 85% of the group's pretax profit in 2003. The ratings on Baosteel reflect the company's strong position in...
Companies mentioned in this report are: Baosteel Group Corp.,Baoshan Iron & Steel Co. Ltd.
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.
Baosteel Group Corp.,Baoshan Iron & Steel Co. Ltd.