[ET Net News Agency, 17 April 2020] Moody's Investors Service has affirmed the A3
issuer rating of China Communications Construction Co., Ltd. (CCCC)(01800).
Moody's has also affirmed the Baa1 ratings of the subordinated perpetual notes and the
A3 rating of the senior unsecured perpetual notes issued by CCCI Treasure Limited and
guaranteed by CCCC.
At the same time, Moody's has changed the outlook on these ratings to negative from
stable.
"The negative outlook reflects our expectation that CCCC's leverage -- as measured by
debt/EBITDA -- will remain at around 8.0x over the next one to two years, which is high
for its rating level," said Chenyi Lu, a Moody's Vice President and Senior Credit Officer.
The negative outlook also reflects the weakened credit metrics of CCCC's parent, China
Communications Construction Group Limited (CCCG). CCCG runs a more volatile property
business via Greentown China Holdings Limited (Ba3, stable), port machinery, and other
businesses in addition to CCCC. (KL)
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01800 CHINA COMM CONS
Nominal 
4.070 +0.040 (+0.993%) Research Report
17/04/2020 15:48
Moody's affirms CCCC's ratings; revises outlook to negative
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