...June 16, 2022 - China Modern Dairy Holdings Ltd. (CMD) should see a dip in margin due to a sharp rise in feed costs. Nonetheless, EBITDA growth from solid demand and expansion of production volume should drive improvement in debt leverage. - CMD remains a highly strategic subsidiary of China Mengniu Dairy Co. Ltd. (Mengniu). As its largest milk supplier, CMD is important to Mengniu's growth and longer-term supply stability. Mengniu also has a record of providing financial support to CMD. - On June 16, 2022, S&P Global Ratings affirmed its '###' long-term issuer credit rating on CMD and the '###' long-term issue rating to the company's senior unsecured notes. - The stable outlook on CMD reflects the outlook on Mengniu and our expectation that CMD will remain a highly strategic subsidiary of Mengniu. The rating and outlook on CMD will therefore move in tandem with those on Mengniu. HONG KONG (S&P Global Ratings) June 16, 2022--S&P Global Ratings today took the rating actions listed above....
