Fitch puts Yanzhou Coal positive watch

Fitch Ratings said it placed its BB- ratings on Yanzhou Coal Mining Co. Ltd. and the company’s $550 million of 5.73% senior unsecured notes due 2022 on rating watch positive. The notes were issued by Yancoal International Resources Development Co., Ltd., a wholly owned subsidiary, and guaranteed by Yanzhou Coal.

“The RWP reflects Fitch's expectation that when the merger of Yankuang Group Co., Ltd., which owns 51.8% of Yanzhou Coal, and Shandong Energy Group Co., Ltd is completed, the combined entity will have a stronger likelihood of support from Shandong province than Yankuang has currently due to the enhanced strategic role in coal supply and leading position among state-owned-enterprises (SOE) in Shandong province,” Fitch said in a press release.

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