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China wins positive rating
http://www.sina.com.cn 2003/04/17 11:33  Shanghai Daily

  The outlook on China's long-term foreign-currency bonds was raised to positive from stable by Standard & Poor's, which cited surging exports, record investment inflows and growing private ownership of companies.

  The change, the first in almost four years, means Standard & Poor's is more inclined to raise China's BBB rating, which is a level above the lowest investment grade.

  China "is rapidly laying the foundations of a more market-oriented economy less reliant on government spending to maintain GDP growth," said Joydeep Mukherji, a Standard & Poor's director.

  China's economy is growing at the fastest pace of any major nation, driven by booming exports, production and investment. Standard & Poor's decision to raise China's debt-rating outlook suggests the company does not expect the outbreak of a deadly virus to derail growth in an economy officials have signaled grew 9 percent or more from a year ago in the first quarter.

  What's more, China's borrowings are relatively modest. Its foreign-currency reserves, the world's second largest after Japan, rose by about two-fifths from a year earlier to US billion at the end of March. That's more than nine times the country's short-term debt, the Standard & Poor's statement said.

  Some economists said Standard & Poor's should have already raised China's rating given the country's strong economic fundamentals.

  "That's long overdue," said Fan Jiang, head of fixed income research at Goldman Sachs in Hong Kong. "China's sovereign strength justifies an A- rating in my view, so Standard & Poor's are two notches below my target right now."

  China's 6.8 percent dollar-denominated bond maturing in May 2011 was bid at a yield 49 basis points higher than the similar-maturity US Treasury, according to Merrill Lynch & Co yesterday morning. The difference in yields was about 50 basis points on Tuesday. A basis point is 0.01 percentage point.

  Moody's Investors Service raised its ratings on China's long-term foreign-currency bonds to stable from positive last November.

  The change means Moody's is more likely to raise China's A3 rating to the country's highest-ever level from the seventh-highest investment grade out of 10.

  In changing the outlook on its China rating, Standard & Poor's raised the BBB long-term ratings for both China Development Bank and the Export-Import Bank of China to positive from stable. The long-term foreign currency ratings of China Mobile (Hong Kong) Ltd, China National Offshore Oil Corp and CNNOC Ltd were also raised to positive.

  The foreign-currency ratings of Bank of China, Industrial & Commercial Bank of China, China Construction Bank, Bank of Communications, and China International Trust & Investment Corp were all affirmed.




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