Fitch keeps Bluestar on review

Fitch Ratings said it maintained the Rating Watch Positive (RWP) on China National Bluestar (Group) Co, Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating of BBB+.

Bluestar's rating reflects very strong linkages with China National Chemical Corp. (ChemChina, BBB+/RWP), which owns 64% of Bluestar, in line with top-down approach in Fitch's Parent and Subsidiary Rating Linkage criteria.

The positive watch reflects the Feb. 3 announcement that ChemChina offered to buy Swiss seeds and agrochemical group Syngenta AG for $43 billion.

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