China’s state-owned credit rating agency China Lianhe Credit Rating Co., Ltd (Lianhe Credit Rating) has announced that it has maintained the credit rating of Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) unchanged at AA+, while the company’s credit rating outlook has been downgraded to negative from stable.
Baogang recorded an overall net loss of RMB 4.354 billion ($0.65 billion) for 2015. At present, Baogang’s short-term debt solvency is on the weak side, indicating the strong pressure the company is under from repayment of debts.