China’s state-owned credit rating agency China Lianhe Credit Rating Co., Ltd (Lianhe Credit Rating) has announced that it has downgraded the credit rating of Henan Province-based Chinese steelmaker Anyang Iron and Steel Co. (Anyang Steel) to AA-. Meanwhile, the company’s credit rating outlook has been downgraded to negative from stable.
In the first quarter of the current year, Anyang Steel recorded an operating revenue of RMB 4.93 billion ($0.76 billion), down 13.91 percent year on year, with a net loss of RMB 174 million ($26.77 million) compared to a net loss of RMB 103 million in the same period of 2015.