Fitch affirms Dongfeng Motor

Fitch Ratings said it affirmed the long-term foreign- and local-currency issuer default ratings of Dongfeng Motor Group Co. Ltd. at BBB with stable outlook.

The ratings reflect the company's strong market position, underpinned by comprehensive, integrated business lines and multi-partnerships with global automobile players, Fitch said.

The ratings also are supported by improvements in its cash flow position and profitability, the agency said, which has enabled the company to maintain a lower leverage and stronger coverage. Its total debt-to-EBITDA ratio was 2.2x in the first half of 2007 compared with 3.1x in the first half of 2006.

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