Fitch rates Midea A-

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of A- to Midea Group Co., Ltd., along with a senior unsecured rating of A-.

The outlook is stable.

The ratings are driven by the company’s position as an innovative, leading Chinese consumer appliance maker, its good product and geographical diversification, strong distribution and sales network, positive long-term industry outlook in China and the company’s strong financial metrics, Fitch said.

The ratings also consider the company’s limited international brand value and the cyclicality of the industry, the agency said.

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