CITIC Pacific Ltd. ‘BB+’ Ratings Affirmed on Restructuring Despite Weak Credit Measures
Standard & Poor’s Ratings Services said today that it had affirmed its ‘BB+’ corporate credit rating on CITIC Pacific Ltd. (CITIC Pacific). The outlook is stable. At the same time, Standard & Poor’s affirmed the ‘BB+’ issue rating on senior unsecured notes issued by CITIC Pacific Finance (2001) Ltd.
and guaranteed by CITIC Pacific.
“The rating affirmations recognize the group’s diversified operations and the strong asset value of many investments, which support its financial flexibility and liquidity,” said Standard & Poor’s credit analyst Lawrence Lu. - www.theasianbanker.com (December 24 2007)–