(The following was released by the rating agency)
Link to Fitch Ratings' Report: 2013 Outlook: China
Fixed-Asset Investment
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=700172
SINGAPORE/HONG KONG, January 30 (Fitch) Fitch Ratings says
in a new report that it expects a firmer economic outlook for
China in 2013 to only marginally improve the operating
environment of fixed asset investment (FAI)-related sectors.
This is because a protracted period of industry restructuring to
address excess production capacity is essential to enhance the
longer-term outlook.
Specific product classes - concrete, rebar, light rail steel
- that benefit from urbanisation may continue to perform well
while slower industrial production capacity growth may constrain
the performance of companies in the heavy industry sector.
The report also highlights that global demand changes may
complicate the operating environment, putting cost and pricing
pressure on an already thin profit margin. Another risk is that
a rapid pace of industry consolidation driven by the state may
hurt corporate balance sheets as few companies have the
financial resources and operational breadth to undertake M&A
large enough to materially affect the industry competition
structure.
Currently Fitch rates the following companies:
Aluminum Corporation of China Limited ('BBB+'/Stable)
Baosteel Group Corporation ('A-'/Stable)
China Hanking Holdings Limited ('BB-'/Stable)
China Hongqiao Group Limited ('BB'/Positive)
China Liansu Group Holdings Limited ('BB'/Stable)
China Oriental Group Company Limited ('BB+'/Negative)
China Shanshui Cement Group Limited ('BB-'/Positive)
Delong Holdings Limited ('B'/Negative)
West China Cement Limited ('BB-'/Stable)
Winsway Coking Coal Holdings Limited ('BB-'/Negative)
Zoomlion Heavy Industry Science and Technology Co. Ltd
('BBB-'/Stable)
The report, '2013: China Fixed-Asset Investment', is
available on www.fitchratings.com or by clicking on the link
above.
Source: http://news.yahoo.com/text-fitch-marginal-earnings-upside-chinas-fai-related-035418588--sector.html
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