S&P Global Ratings withdrew its BBB- ratings on Wuhan Real Estate Development & Investment Group Co.Ltd. and its outstanding senior unsecured notes at the company's request.
The ratings reflected S&P's belief that the company's credit profile will still be heavily driven by that of the Wuhan municipal government.
Furthermore, the negative outlook at the time of the withdrawal pertained to S&P's expectation that the Wuhan government's debt will continue to be high in the next two years.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.