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Baosteel Group Ratings Raised To 'A-' On Solid Profitability; Outlook Stable Dec 06
Standard & Poors, Dec 2006
Abstract
HONG KONG (Standard & Poor's) Dec. 14, 2006--Standard & Poor's Ratings Services said today that it had raised its long-term corporate credit ratings on Baosteel Group Corp. (Baosteel Group) and Baoshan Iron & Steel Co. Ltd. (Baoshan), collectively referred to as 'Baosteel', to 'A-' from 'BBB+'. The outlook on the ratings is stable. 'The rating actions reflect Baosteel's ability to maintain strong profitability, even under unfavorable market conditions, supported by its competitive cost position, its high-value-added product focus, and its dominance of the domestic market in these products,' said Standard & Poor's credit analyst Xiaoming Song. The ratings reflect an improvement in Baosteel's financial profile, which is supported by stable cash flow generation and commitment to debt reduction. Baosteel's conservative...
Companies mentioned in this report are: Baosteel Group Corp.,Baoshan Iron & Steel Co. Ltd.
Action: Outlook: Stable
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.
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