Fitch rates MIE notes B

Fitch Ratings said it affirmed MIE Holdings Corp.'s long-term issuer default rating at B and senior unsecured rating at B.

The outlook is stable.

The agency also said it assigned an expected rating of B to MIE's proposed dollar-denominated notes issue with a recovery rating of RR4.

The ratings reflect the upstream nature of MIE's operations and the consequent exposure to potential oil price volatility as well as its limited, albeit expanding, operating scale, Fitch said.

MIE's organic reserve growth prospects from its north eastern China oil fields are moderate, the agency said.

The company expects reserve growth from Sino Gas & Energy over time; however, this is still at an early stage of development, Fitch added.

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