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Moody’s lifts China Oriental CFR to B2
Moody's Investors Service said it upgraded China Oriental Group Co. Ltd.’s corporate family rating to B2 from B3.
At the same time, the agency confirmed the company's B3 senior unsecured debt rating.
The outlook is negative.
The actions conclude the rating review initiated on Aug. 20 upon China Oriental's redemption of its $330 million notes.
"The upgrade of China Oriental's corporate family rating reflects the company's ability to keep its operations profitable in a difficult steel market in China (Aa3 stable)," Moody's vice president and senior analyst Franco Leung said in a news release.
China Oriental reported positive EBITDA of RMB 717 million and net profit before tax of RMB 37 million in the first half of 2015 despite a fall of 26.9% for the company's reported average selling prices for self-manufactured steel products, the agency said. The company had also generated positive operating cash flow of RMB 2.4 billion in the first half.
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