Fitch ups Yango senior unsecured rating

Fitch Ratings said it upgraded Yango Group Co., Ltd.’s senior unsecured rating to B+ from B, and the recovery rating is revised to RR4 from RR5.

“The upgrade of Yango’s senior unsecured rating reflects reduced subordination of its unsecured debt to secured debt. Secured debt accounted for 63% of Yango’s total borrowings as of end-June 2020, down from 68% at end-September 2019,” Fitch said in a press release.

Fitch also affirmed the company’s long-term foreign-currency issuer default rating at B+.

The outlook is stable.

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