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Summary: CITIC Pacific Ltd. Feb 12
Standard & Poors, February 2012
The rating on Hong Kong-based conglomerate CITIC Pacific Ltd. reflects the company's stand-alone credit profile, which we assess at 'b+', and strong parent support. We view CITIC Pacific as a strategically important subsidiary of the CITIC Group Corp. (foreign currency BBB+/Stable/A-2; cnA+/cnA-1), and believe timely and sufficient extraordinary government support for CITIC Group could flow to CITIC Pacific--to some extent. We have, therefore, factored in three notches of parent support in the rating on CITIC Pacific. CITIC Group is the controlling shareholder of CITIC Pacific, with a 57.56% stake. The rating also incorporates our view that repeated delays and cost overruns at CITIC Pacific's Sino Iron project will pressure the company's already weak credit metrics, particularly its highly leveraged capital...
Companies mentioned in this report are: CITIC Pacific Ltd.
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CITIC Pacific Ltd.