S&P shifts view to negative on two Chinese firms

S&P said it revised the outlooks to negative from stable and affirmed the ratings of China Great Wall Asset Management Co. Ltd. and China Orient Asset Management Co. Ltd.

“We revised the outlooks on China Great Wall and China Orient to negative to reflect our view that the regulatory barriers to entry for the distressed asset management sector have been falling, and competition continues to intensify. A tougher operating environment could lower the starting point for the rating constructions of these companies' nonbank financial institution (NBFI) segment by a notch to bb, and exert downward pressure on the overall group credit profile,” S&P said in a press release.

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