XFN-Far East Rates 25 More Chinese Listed Companies

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Last updated at: (Beijing Time) Tuesday, April 23, 2002

XFN-Far East Rates 25 More Chinese Listed Companies

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XFN-Far East China Credit Ratings (XFN-Far East), the pioneer undertaking to rank credit risks of Chinese corporations with international standards, Monday announces public information (PI) credit ratings on 25 Chinese listed companies.

The ratings assigned to this group of ratings including A share, B share and H share companies ranging from AAA and C. The rating assignment covers key industries in China including steel, oil & gas, and consumer products.

XFN-Far East assigns AAA long term rating and S-1 short term rating with stable outlook to CNOOC Limited (China National Offshore Oil Corporation Limited), which is listed in Hong Kong and New York.

XFN-Far East says that the ratings reflect the company's dominant position as the exclusive domestic oil and gas producer offshore China. The rating also reflects its growth prospects backed by the huge reserve base, competitive cost structure, sound financial profile and considerable flexibility.

Ivan Chung, director of credit ratings, said that XFN-Far East is committed to developing a rating system which is applicable to China's market and is in compliance with internationally accepted standards.

The negative outlook on companies including Shanghai Huchang Special Steel, Xining Special Steel and Baoshan Iron & Steel underscores the potential negative development of steel industry.

XFN-Far East is a joint venture between Xinhua Financial Network and Shanghai Far East Credit Rating Co. Ltd. and is a pioneer engaged in PI credit rating in China. It made its debut assignment on 34 B share companies on February 5, this year.

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