Bangkok--7 Dec--Standard & Poor's
Standard & Poor's Ratings Services has assigned its 'A+' senior unsecured debt rating to the following renminbi-denominated bonds issued in Hong Kong by the People's Republic of China (A+/Stable/A-1+):
RMB2 billion bond due 2013
RMB2 billion bond due 2015
RMB1 billion bond due 2020
The sovereign credit ratings on China reflect the government's relatively modest indebtedness, a strong external asset position, and our view of the economy's exceptional growth prospects. These strengths outweigh sizable contingent liabilities in the banking system that could materialize should an extended economic slowdown play out. A further credit weakness of China is policymakers' continued reliance on administrative tools for macroeconomic management.
RELATED CRITERIA AND RESEARCH
Full Analysis: China (People's Republic of), published Dec. 13, 2009
Sovereign Credit Ratings: A Primer, published May 29, 2008
Complete ratings information is available to RatingsDirect subscribers on the Global Credit Portal at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
David Wargin, New York (1) 212.438.1579,
[email protected]
Analyst Contacts:
KimEng Tan, Singapore (65) 6239-6350
David T Beers, London (44) 20-7176-7101