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Fitch affirms Shanghai Pudong Development ratings

Fitch Ratings affirmed its long-term foreign- and local-currency issuer default ratings on Shanghai Pudong Development (Group) Co. Ltd. at A, with a stable outlook.

The rating agency noted the property developer's 100% Shanghai government ownership and control and its moderate stand-alone credit profile among the key rating drivers.

Fitch said Shanghai Pudong's ownership, robust government oversight and the sociopolitical and financial impact for the government if the company defaults, lead to a high probability that the government would extend "extraordinary support" to Shanghai Pudong if needed.