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TEXT-S&P summary: CITIC Pacific Ltd.
August 31, 2012 / 9:11 AM / 5 years ago

TEXT-S&P summary: CITIC Pacific Ltd.

(The following statement was released by the rating agency)

Aug 31 -

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Summary analysis -- CITIC Pacific Ltd. ---------------------------- 31-Aug-2012

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CREDIT RATING: BB+/Negative/NR Country: Hong Kong

Primary SIC: Holding

companies, nec

Mult. CUSIP6: 17304K

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Credit Rating History:

Local currency Foreign currency

18-Jul-2011 BB+/NR BB+/NR

01-Dec-2009 BBB-/NR BBB-/NR

13-Feb-2009 BB+/NR BB+/NR

21-Oct-2008 BB/NR BB/NR

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Rationale

The rating on Hong Kong-based CITIC Pacific Ltd. reflects the conglomerate’s weak execution record. CITIC Pacific’s highly leveraged capital structure and its exposure to the cyclical industries such as iron ore, real estate, and special steel also constrain the rating. Strong parent support and CITIC Pacific’s diversified assets base across industries temper these weaknesses.

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