Moody’s ups Citic Resources to Ba3

Moody's Investors Service said it upgraded Citic Resources Holdings Ltd.’s corporate family rating to Ba3 from B1 and changed the outlook to stable from negative.

"The upgrade of Citic Resources' corporate family rating to Ba3 reflects our expectation that the company will sustain its trend of improvement in debt leverage," Chenyi Lu, Moody's vice president, senior credit officer and international lead analyst for Citic Resources, said in a news release.

"Furthermore, the rating action also reflects our expectation that the company's liquidity conditions will prove satisfactory over the next 12 to 18 months," Jin Wu, Moody's vice president, senior credit officer and local market lead analyst for Citic Resources, added in the release.

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