S&P cuts China Merchants Port

S&P said it lowered its long-term corporate credit rating on China Merchants Port Holdings Co. Ltd. (CMPort) to BBB from BBB+. The outlook is stable.

S&P also lowered its long-term issue rating on the company's outstanding guaranteed senior unsecured notes to BBB from BBB+. At the same time, S&P removed all ratings from negative CreditWatch, where they were placed on July 31, 2017.

“We lowered our ratings on CMPort because leverage continues to rise, driven by the company's strong acquisition appetite. In the second half this year, CMPort entered into two material acquisitions. Furthermore, we believe the company will continue to expand both domestically and overseas, driven by the Belt and Road initiative and its own strategic plan,” S&P said in a news release.

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