S&P keeps Guangzhou Industrial Investment Fund on watch

S&P said it kept on Credit Watch with negative implications the BBB+ long-term and A-2 short-term issuer credit ratings on Guangzhou Industrial Investment Fund Management Co. Ltd. (Sfund). S&P is also keeping its BBB+ long-term issue rating on the senior unsecured debt the company guarantees on CreditWatch with negative implications.

“We kept the ratings on CreditWatch to reflect the uncertainty on how much government support will flow to Sfund following changes in the financial holding company and platform following shareholding changes in August 2018,” S&P said in a news release.

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