HONG KONG, 23 August 2024 – Lianhe Ratings Global Limited (“Lianhe Global”), an international credit rating company, has assigned ‘AA-’ global scale Long-term Issuer Credit Rating to CSCEC International Construction Co., Ltd. (“CSCEC Int” or “the company”). The Outlook is Stable.
The Issuer Rating reflects the likely very strong support CSCEC Int would receive from its parent China State Construction Engineering Corporation Ltd. (“CSCEC”) to ensure its viability, considering CSCEC’s full ownership of CSCEC Int, CSCEC Int’s strategic role as the key entity for overseas business development and expansion, high integration and linkage, including appointment and supervision of the senior management, major investment and financing plan decisions and ongoing political and financial support. Besides, the debt burden and leverage of the company remained relatively low in the past few years, although profitability was still under pressure.
The Stable Outlook reflects our expectation that CSCEC Int would maintain its strategic importance in CSCEC, while CSCEC will continue to support CSCEC Int’s stable operation.