Fitch upgrades China Hongqiao

Fitch Ratings said it upgraded China Hongqiao Group Ltd.'s long-term foreign-currency issuer default rating, its $300 million of 7 1/8% senior notes due 2022, its $200 million of 7 3/8% senior notes due 2023 and its $500 million of 6¼% senior notes due 2024 to BB+ from BB.

“The upgrade is due to Hongqiao's strong financial position, smoother capital market debt maturity and improving business profile. Its FFO net leverage stayed below our previous trigger of 2x for two consecutive years, its capital market maturities were more spread out by end-2021 than end-2020 and its capacity migration is mostly on schedule,” Fitch said in a press release.

The outlook is stable.

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