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Fitch rates Yancoal notes BBB-
Fitch Ratings said it assigned Yancoal International Resources Development Co., Ltd.'s $450 million notes due 2017 and $550 million notes due 2022 final ratings of BBB-.
The notes are unconditionally and irrevocably guaranteed by Yanzhou Coal Mining Co. Ltd. (BBB-/stable).
Yancoal's ratings reflect its position as one of the largest coal mining companies in China, with 10 operational coal mines in China and six in Australia, the agency said, as well as its operating scale and geographically diversified production base.
Yancoal's credit metrics are strong, with FFO-adjusted net leverage of 1.1x for 2011, but these metrics are expected to weaken both on the company's planned capital expenditures for 2012 and 2013 and on the proposed merger with Gloucester Coal Ltd. in Australia, for which Yancoal is responsible in funding a special dividend and capital return, the agency noted.
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