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Moody’s lifts China Metallurgical
Moody's Investors Service said it upgraded the issuer ratings of China Metallurgical Group Corp. and its key subsidiary, Metallurgical Corp. of China Ltd., to Baa1 from Baa2.
The agency also raised China Metallurgical’s baseline credit assessment to ba1 from ba2.
At the same time, Moody's upgraded the backed senior unsecured rating on the bonds issued by MCC Holding (Hong Kong) Corp. Ltd. to Baa1 from Baa2.
The outlook is stable.
“The upgrades reflect our expectations that CMGC's financial leverage will continue to improve on a sustained basis over the next 12-18 months, supported by a robust order backlog, cost control measures and deleveraging efforts," Chenyi Lu, Moody's vice president and senior credit officer, said in a news release.
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