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09.03.2012 18:37

Unprofitable China COSCO Holdings Still Gets Top Rating

China Lianhe says shipping company is AAA in part because the government can bail it out
By intern reporter Wang Shenlu and staff reporter Yang Na

(Beijing) – Beijing-based China Lianhe Credit Rating Co. Ltd. has granted a rating of AAA to unprofitable China COSCO Holdings Co., a move that reveals a split between domestic and international credit rating firms.

COSCO, China's largest shipping company, lost 4.87 billion yuan in the first half of the year, Wei Jiafu, the firm's chairman said on August 30.

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