Fitch boosts Yanzhou Coal

Fitch Ratings said it boosted Yanzhou Coal Mining Co. Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating to BB+ from BB-. Fitch also upgraded the rating on the company's $550 million of 5.73% senior unsecured notes to BB+ from BB-.

The notes were issued by Yancoal International Resources Development Co., Ltd., a wholly owned subsidiary, and guaranteed by Yanzhou Coal. All the ratings are off rating watch positive.

“The upgrade is driven by an upward revision of Fitch's internal assessment of the credit profile of Yanzhou Coal's parent, Shandong Energy Group Co., Ltd., formerly known as Yankuang Group, following its merger with the previous Shandong Energy Group. The revision reflects Shandong Energy's enlarged operating scale, strengthened market position and modestly improved financial profile,” the agency said in a press release.

The outlook is stable.

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