S&P affirms Beijing State-Owned Assets

S&P said it affirmed its A long-term issuer credit rating on Beijing State-Owned Assets Management Co. Ltd. (BSAM).

The outlook is stable.

At the same time, S&P said it affirmed the A- long-term issuer credit rating on Beijing State-Owned Assets Management (Hong Kong) Co. Ltd. (BSAM HK), with a stable outlook. The agency also affirmed the A- long-term issue rating on the US$1 billion senior unsecured notes issued by BSAM HK, which is the sole offshore platform of BSAM.

“We affirmed our rating on BSAM because we believe there is an extremely high likelihood that the company would receive support from Beijing government at times of need. This expected support provides a six-notch rating uplift from BSAM's stand-alone credit profile (SACP) of bb,” S&P said in a news release.

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