Muyuan Foods affirmed at AA+; Modestly expands related-party transactions

China Chengxin International (CCXI) has affirmed Muyuan Foods' AA+ credit rating with a stable outlook, citing the company's leading position in the hog farming industry, improved profitability, and diversified financing channels in its 2025 Tracking Rating Report. Offsetting these strengths are concerns about fluctuating hog prices and rising short-term debt. The report also mentions the company's plans to issue H-shares in Hong Kong and its overseas business deployment.