CITIC affirmed at ‘BBB-/A-3′ on improving profitability
Standard & Poor’s Ratings Services said today that it had affirmed its ‘BBB-’ long-term and ‘A-3′ short-term foreign currency counterparty credit ratings on CITIC Group (CITIC). The outlook is positive. Concurrently, Standard & Poor’s affirmed its ‘BBB-’ foreign currency issue rating on CITIC’s ?10 billion bond due 2016.
At the same time, Standard & Poor’s affirmed its ‘BBB-’ long-term and ‘A-3′ short-term counterparty credit ratings on CITIC International Financial Holdings Ltd.
(CIFH), CITIC’s 55.4%-owned, Hong Kong-based subsidiary. The outlook is positive. Concurrently, Standard & Poor’s affirmed its ‘BBB-’ issue ratings on a US$180 million convertible bond issued by CIFH (CBI) Ltd. — www.theasianbanker.com (November 29 2007)–