S&P Global Ratings affirmed its "BBB+" long-term corporate credit rating on China Merchants Port Holdings Co. Ltd. (CMPH)(00144). The outlook is negative.
The credit rating agency also affirmed its 'cnA+' long-term Greater China regional scale rating on the Hong Kong-based port investor and operator.
In addition, S&P affirmed its 'BBB+' long-term issue rating and our 'cnA+' long-term Greater China regional scale rating on the company's guaranteed outstanding notes.
The outlook on CMPH remains negative because the agency expects the company's financial strength to remain under pressure as a result of a slow recovery in its cash flows amid still weak growth in global trade, and its rising debt to finance sizable acquisitions with limited visibility on cash contribution.
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