Fitch lifts China State Construction

Fitch Ratings said it upgraded China State Construction International Holdings Ltd.'s long-term issuer default rating and senior unsecured rating to BBB+ from BBB.

The outlook is stable.

The rating of the outstanding $500 million 3 1/8% senior unsecured notes due 2018 issued by China State Construction Finance (Cayman) I Ltd., a wholly owned subsidiary of China State, has was upgraded to BBB+ from BBB.

The action follows the reassessment of the credit profiles of China State’s parent companies. It is 58%-owned by China Overseas Holdings Ltd., which is wholly owned by China State Construction Engineering Corp. Ltd.

China Overseas’ largest subsidiary is China Overseas Land & Investment Ltd., one of the largest homebuilders in China, Fitch explained.

The continued strong performance of the company and its strategic importance to the group drives the positive reassessment of its credit profile, resulting in an upgrade.

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