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BULLETIN: Baoshan Iron & Steel Co. Ltd. Rating Not Affected by Asset Acquisitions Aug 04
Standard & Poors, Aug 2004
Abstract
HONG KONG (Standard & Poor's) Aug. 12, 2004--Standard & Poor's Ratings Services said today that its issuer rating on Baoshan Iron & Steel Co. Ltd. (Baosteel Ltd., BBB/Stable/--) would not be affected by the company's recently announced plans to acquire steel-related assets from its parent, Shanghai Baosteel Group (BBB/Stable/--), as the proposed transaction represents a straightforward transfer of assets within the wider Baosteel group. Standard & Poor's takes a consolidated approach in assessing the credit profiles of both companies. The value of the acquisition is estimated at Chinese renminbi (RMB) 28 billion. Baosteel Ltd. plans to fund the acquisition by issuing new shares, of which at least half will be offered to other members of the Baosteel group and the...
Companies mentioned in this report are: Baoshan Iron & Steel Co. Ltd.,Baosteel Group Corp.
Action: Bulletin
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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