[ET Net News Agency, 28 April 2020] S&P Global Ratings revised its outlook on China
Hongqiao Group Limited (01378) to stable from positive. At the same time, the credit
rating agency affirmed its 'B+' long-term issuer credit rating on the company.
S&P said weaker demand and lower average selling price due to the COVID-19 pandemic will
push up the leverage of China Hongqiao, an aluminum producer with RMB19.5 billion in
EBITDA last year.
The agency anticipates the company's FFO-to-debt ratio will weaken toward 20% in 2020
before improving to about 30% on demand and price recovery. However, visibility is low and
downside risk exists.
The stable outlook reflects S&P's view that China Hongqiao will maintain its competitive
cost position and positive free operating cash flow over the next 12 months and weather
the economic downturn. (KL)
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01378 CHINAHONGQIAO
Nominal 
11.060 +0.280 (+2.597%) Research Report
28/04/2020 11:36
China Hongqiao's (01378) outlook revised to stable - S&P
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