...November 16, 2023 HONG KONG (S&P Global Ratings) Nov. 17, 2023--A proposed name association between CITIC Group Corp. and China Huarong Asset Management Co. Ltd. doesn't change our view of either company's creditworthiness. We continue to view China Huarong (###-/Stable/A-3) as a government-related entity with a very high likelihood of receiving extraordinary government support. Ownership of the distressed asset manager remains the same despite the proposed rebranding to China CITIC Financial Asset Management Co. Ltd. CITIC Group (###+/Positive/A-2) maintains its shareholding of 26.46% and China's Ministry of Finance still holds a 24.76% stake in the company. Moreover, the ministry effectively owns 100% of CITIC Group and therefore remains the ultimate controlling shareholder of China Huarong. The name association with the financially weaker China Huarong is unlikely to undermine CITIC Group's credit strengths. We expect the group will continue to act as a coordinator for the Ministry of...
