Fitch ups JFE Holdings to BBB+

Fitch Ratings said it upgraded JFE Holdings, Inc.'s long-term foreign- and local-currency issuer default ratings and senior unsecured debt rating to BBB+ from BBB, along with its short-term foreign- and local-currency issuer default ratings to F2 from F3.

The outlook is stable.

The upgrade reflects JFE's improved financial profile as well as the resilient nature of its core medium-high grade steel operations compared with commodity grade steel, Fitch said. JFE also benefits from strong ties with both its main customers and its banks, the agency said.

Fitch also said it considers JFE's strategy of focusing on deepening relationships with its main customers throughout the product cycle is reducing earnings volatility by increasing pricing power, Fitch added.

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