[ET Net News Agency, 26 April 2018] Moody's Investors Service has affirmed China
Cinda Asset Management Co., Ltd.'s (Cinda AMC)(01359) A3 long-term and P-2 short-term
issuer ratings. At the same time, Moody's has affirmed Cinda AMC's baseline credit
assessment (BCA) at ba2. The outlook is stable.
Moody's has also affirmed the ratings for its medium term note (MTN) program and the
ratings for the notes issued by its offshore subsidiaries.
In the meantime, Moody's has decided to withdraw the outlooks on Cinda AMC and its
subsidiaries' instrument ratings for its own business reasons.
The affirmation of Cinda AMC's A3/P-2 issuer ratings incorporate its baseline credit
assessment (BCA) of ba2 and a five-notch uplift, based on Moody's expectation of very high
level of support from the Government of China (A1 stable), under Moody's joint-default
analysis approach for government-related issuers.
Moody's assessment of support reflects Cinda AMC, as one of the big four state-owned
distressed asset management companies and 64.5% owned by the Ministry of Finance, plays a
strategic role in China's economic rebalancing and in maintaining the stability of the
financial system. (KL)