Fitch ups Jiayuan

Fitch Ratings said it upgraded Jiayuan International Group Ltd.’s long-term foreign-currency issuer default rating to B+ from B. The outlook is stable.

Fitch also upgraded Jiayuan's senior unsecured rating, senior unsecured notes and convertible bonds to B+ from B, with a recovery rating of RR4.

The upgrade follows Jiayuan's deleveraging and expansion via organic growth and asset acquisitions from its largest shareholder. The company's reliance on trust and other loans also reduced to 13% of total debt by end-1H21 from 24% at end-2020. In addition, Jiayuan's ratings are supported by its strong presence in the Yangtze River Delta and high profitability, Fitch said in a news release.

The ratings are constrained by the company's smaller scale than higher-rated peers, the agency said.

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