Fitch views China issuers negatively

Fitch Ratings has revised the outlooks of 37 Chinese central government-owned corporate government-related entities (GREs) and subsidiaries to negative from stable and affirmed the ratings.

The actions follow the agency’s revision of the outlook on China to negative from stable on April 9, Fitch said.

The companies are China Three Gorges Corp., China Southern Power Grid Co., Ltd., Cnooc Ltd., China Baowu Steel Group Corp. Ltd., CRRC Corp. Ltd., State Power Investment Corp. Ltd., China Huadian Corp. Ltd., China General Nuclear Power Corp., China Huaneng Group Co., Ltd., Aluminum Corp. of China, China Communications Construction Co. Ltd., China Railway Group Ltd., China Yangtze Power Co., Ltd., China Three Gorges International Ltd., State Grid International Development Ltd., SPIC Luxembourg Energy Investment Co. Sarl, Shanghai Electric Power Co., Ltd., PetroChina Co. Ltd., CNPC Finance (HK) Ltd., China Southern Power Grid International (HK) Co., Ltd., and China Petroleum & Chemical Corp. (Sinopec).

Additionally, Fitch changed the outlook to negative on CGNPC International Ltd., CGN Energy International Holdings Co., Ltd., Huaneng Power International, Inc., Baoshan Iron & Steel Co. Ltd., Baosteel Resources International Co. Ltd., Taiyuan Iron & Steel (Group) Co., Ltd., Aluminum Corp. of China Ltd., Sinochem International Corp., China National Bluestar (Group) Co, Ltd., China National Chemical Corp. Ltd., Sinochem Hong Kong (Group) Co. Ltd., Syngenta Group Co., Ltd., AVIC International Holding Corp. and Cofco (Hong Kong) Ltd.

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