Moody's upgrades China Glass

Moody's Investors Service said it upgraded China Glass Holdings Ltd.'s corporate family rating to B1 from B2 and its senior debt rating to B2 from B3.

The outlook is stable.

The upgrade reflects China Glass' improved capital base after the recent HK$790 million equity placement, Moody's said. Its adjusted debt leverage is expected to decline from 43% to 37%, the agency said.

The ratings reflect the company's position as one of the largest glass producers in China, Moody's said, and the investment by Pilkington plc and Hony Capital.

On the other hand, the ratings are constrained by its relatively small operating scale and acquisitive growth strategy, Moody's said.

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