LONDON (Standard & Poor's CreditWire) Feb. 11, 1999--The need for caution and conservatism by foreign investors has been reinforced by recent changes in the policy environment in China. These changes have also highlighted uncertainty of the rules concerning foreign investment, and the often inconsistent administration of the framework governing foreign investment. As Standard & Poor's recently noted, the recent downgrade to single-'B' from double-'B'-minus of Cathay International, a company with a portfolio of infrastructure projects in China, was in part the result of prolonged holdups in the payment of dividends from its bridges and tunnels project in Guangzhou. While some infrastructure investors are receiving their payments promptly, others are experiencing delays. The payment holdup is occurring because of a delay...
Companies mentioned in this report are: China (People's Republic of ),Cathay International Water Ltd.
Action: S&P Event
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