S&P Affirms China Cinda, China Cinda (HK) Holdings, Says Restructuring Has No Capital Impact

MT Newswires Live11-27

S&P Global Ratings has kept China Cinda and China Cinda (HK) Holdings' BBB+ long- and A-2 short-term issuer credit ratings, among other related ratings, according to a Thursday release.

The rating action derives from the proposed restructuring of the brokerage units of China Cinda Asset Management (HKG:1359) and China Orient Asset Management, which could present gains for the entities but would not categorially shift the rating agency's capital assessment.

The deal's financial effect on the asset management companies will be manageable, with China Cinda's nonbank financial institution leverage to continue hovering below 6.5x and China Orient's being above 6.5x in the next two years.

The proposed merger of the divisions with China International Capital Corp. will aid in the asset management companies zoning in on their core distressed asset management segments, S&P said.

The stable outlook stems from the very high possibility of extraordinary government support for the entities in case of need.

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