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Bulletin: Rating On Renamed CITIC Group Corp. Unaffected After Restructuring Dec 11
Standard & Poors, Dec 2011
Abstract
HONG KONG (Standard & Poor's) Dec. 30, 2011--Standard & Poor's Ratings Services said today that its ratings on CITIC Group Corp. (foreign currency BBB+/Stable/A-2; cnA+/cnA-1) are not affected by the restructuring of the group, which was previously named CITIC Group. We do not expect the restructuring to affect CITIC's credit profile, but it could create some incentives for the group to improve its corporate governance and information disclosure in the long run. In our view, there remains a 'very high' likelihood that the Chinese government would provide timely and sufficient extraordinary support if CITIC comes under financial distress. CITIC has incorporated with registered capital of Chinese renminbi 183.7 billion. The restructured group has assumed all the assets, liabilities and businesses...
Companies mentioned in this report are: CITIC 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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