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Research Report

07/05/2021 11:35

China Rail Construction 'A-' rating affirmed; outlook stable

[ET Net News Agency, 7 May 2021] S&P Global Ratings today affirmed its 'A-' long-term
issuer credit rating on China Railway Construction Corp. Ltd. (CRCC) (01186) and the
long-term issue rating on the notes the company guarantees.
The credit rating agency anticipates CRCC's robust new order additions and strong market
position will support its healthy revenue growth over 2021-2022. The company showed
operating resilience in the pandemic-struck 2020 with a 9.6% growth in revenue.
It said CRCC's profit expansion and asset spin-off should largely mitigate leverage
pressure from its active engagement in investment-linked projects. S&P expects the
China-based engineering and construction (E&C) company's EBITDA interest coverage to be
stable at 3.8x-4.2x over the next two years.
The stable rating outlook reflects S&P's expectation that CRCC will sustain its strong
position in China's E&C market while maintaining steady leverage over the next two years.

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