China’s state-owned credit rating agency Dagong Global Credit Rating Co., Ltd (Dagong Global Credit Rating) has announced that it has maintained the credit rating of Inner Mongolia-based Chinese steelmaker Baotou Iron and Steel (Baogang) at AA+. While the company’s credit rating outlook has been downgraded to negative from stable.
As of March 31 this year, Baogang’s gross debt amounted to RMB 123.841 billion ($18.59 billion) and the liability ratio stood at 79.98 percent, indicating great pressure of repaying debts in the company.