S&P completes CQNA review, affirms ratings

S&P said it completed its review of its ratings on Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd., which had been placed under criteria observation.

The agency began the review in July following the publication of its revised criteria for “Local and Regional Governments Outside of the U.S.”

S&P affirmed its ratings and removed the ratings from under criteria review.

The outlook is stable and mirrors the district government’s stable credit profile, S&P said.

The district government owns the company and direct government support is almost certain in the event of financial distress, the agency said.

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