S&P rates Baoshan Iron & Steel A-, cnAA

Standard & Poor's said it assigned its A- long-term corporate credit rating to Baoshan Iron & Steel Co. Ltd. The outlook is stable.

S&P also assigned its cnAA long-term Greater China regional scale rating to the company.

"The rating reflects our view of a 'high' likelihood that the government of China (AA-/stable/A-1+; cnAAA/cnA-1+) would extend extraordinary support to Baoshan in the event of financial distress," S&P credit analyst Sangyun Han said in a news release.

"We assess Baoshan's SACP as 'bbb-' to reflect the company's 'satisfactory' business risk profile and 'significant' financial risk profile."

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