Moody’s ups MCC bond, rates China Metallurgical Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to China Metallurgical Group Corp. (CMGC).

The Baa3 corporate family rating was withdrawn.

The agency also upgraded the senior unsecured bond rating for China Metallurgical’s guaranteed subsidiary, MCC Holding (Hong Kong) Corp. Ltd. to Baa3 from Ba1.

The outlooks were changed to positive from stable.

"The change in CMGC's rating outlook primarily reflects its improved financial leverage in 2014 and our expectation that such deleveraging will be sustained over the next 1-2 years," Chenyi Lu, Moody's vice president and senior analyst, said in a news release.

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