CSCEC maintains highest credit rating in industry worldwide

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On Oct. 10, Fitch Ratings affirmed China State Construction Engineering Corporation Ltd. (CSCECL)’s Long-Term Issuer Default Rating (IDR) and senior unsecured rating at “A,” and the outlook on its IDR is “stable.” CSCECL is a subsidiary of China State Construction Engineering Corporation (CSCEC).

Amidst all the vagaries of domestic and international environments, CSCECL has maintained a stable outlook and the highest credit rating in the industry worldwide ever since receiving its first international credit rating in 2015.

This is another excellent rating CSCECL has received from the key ratings agencies this year, after its Long-Term IDR being rated “A2” by Moody’s Investors Service (Moody’s) on July 5 and “A” by S&P Global Ratings (S&P) on July 29. Both Moody’s and S&P also affirmed the company’s stable outlook.

Fitch stated that CSCECL is China’s largest contractor and, according to Engineering News-Record, also the world’s biggest. “The company’s scale and market presence give it an advantage in the bidding process, domestically and internationally,” Fitch stated in its report. “The company has a deeper pipeline of projects, a material scale advantage and more stable margins than global engineering and construction peers.”

According to Moody’s, “CSCECL’s credit profile reflects its large scale and leadership position in building construction, its solid performance of its property development business and prudent financial management and significant cash balance. CSCECL’s long term operation performance, excellent reputation and comprehensive regional plans will help in acquiring new contracts in all regions.”

According to S&P, CSCEC has completed multiple large complex constructions and landmark buildings with leading position in China’s high-rise market. The access to the market was limited as such projects require exceptional design capacities and very unique skill sets. Based on CSCEC’s strong market reputation and solid corporate relations, S&P anticipated steady flows of new contracts and adjustment of backlogs to achieve a new balance between growth and leverage-control, therefore assigning a stable outlook rating to CSCEC.

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