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Aluminum Corp. Of China Rating Lowered To 'BBB' On Weakened Financial Risk Profile; Outlook Negative Feb 12
Standard & Poors, Feb 2012
Abstract
Chalco's operating performance was much worse than we expected due to low profitability, subdued aluminum prices, and high production costs, which have weakened its financial risk profile. But we still see a 'high likelihood' of extraordinary support from the government for the Chinese aluminum producer, supporting a three-notch uplift in the rating. We are lowering Chalco's stand-alone credit profile to 'bb' from 'bb+' and the foreign currency long-term corporate credit rating to 'BBB' from 'BBB+'. The negative outlook reflects our expectation that Chalco's financial performance is likely to remain weak throughout 2012. HONG KONG (Standard & Poor's) Feb. 2, 2012--Standard & Poor's Ratings Services said today that it lowered its foreign currency long-term corporate credit rating on China-based aluminum producer...
Companies mentioned in this report are: Aluminum Corp. of China Ltd.
Action: Downgraded
Action: Outlook: Negative
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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