September 12, 2018 / 3:44 AM / 2 months ago

REFILE-S&P downgrades seven Chinese LGFVs

(Adds dropped words “to BB-“ in 7th bullet)

SHANGHAI, Sept 12 (Reuters) - S&P Global Ratings said on Wednesday that it had lowered the long-term issuer credit ratings of seven Chinese local government financing vehicles (LGFVs) by one notch.

The company said the downgrades “reflect the gradual weakening of their roles and links with their local-government parents.”

The changes included:

- Chongqing Nan’an Urban Construction & Development (Group), from BBB+ to BBB

- Tianjin Binhai New Area Construction & Investment Group Co. Ltd, from BBB+ to BBB

- Tianjin Infrastructure Construction & Investment Group Co. Ltd., from A- to BBB+

- Wuxi Construction and Development Investment Co. Ltd. from BBB+ to BBB

- Yangzhou Urban Construction State-owned Assets Holding (Group) Co. Ltd, from BBB to BBB-

- Changsha Pilot Investment Holdings Co. Ltd, from BBB- to BB+

- Zhenjiang Transportation Industry Group Co. Ltd from BB to BB-.

The rating agency also lowered its outlook for Zhenjiang Transportation to negative. It maintained stable outlooks on the other six LGFVs.

In additiona, S&P lowered its issue rating by one notch on the senior unsecured notes issued or guaranteed by the seven LGFVs. (Reporting by Andrew Galbraith; Editing by Kim Coghill)

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