Fitch drops Yanzhou Coal

Fitch Ratings said it has downgraded Yanzhou Coal Mining Co. Ltd.'s long-term issuer default rating to BB+ from BBB-.

The outlook is stable.

Fitch said it has also downgraded the rating on the $1 billion dual-tranche notes issued by Yancoal International Resources Development Co., Ltd., and guaranteed by Yancoal, to BB+ from BBB-.

The agency revised Yancoal's outlook to negative from stable in May 2013 to reflect the company's weakened credit metrics due to the deteriorating coal market conditions since 3Q12.

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