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Fitch upgrades Shanghai Construction
Fitch Ratings said it upgraded Shanghai Construction Group Co., Ltd.'s long-term foreign-currency issuer default rating to BBB+ from BBB, along with its senior unsecured rating to BBB+ from BBB.
The agency also upgraded the rating on the $400 million 3¾% notes due 2020 issued by subsidiary, Yongda Investment Ltd., to BBB+ from BBB.
The ratings also were removed from Rating Watch positive.
The outlook is stable.
The upgrades were driven by the company's assessment as a government-related entity, Fitch said.
The agency said it assessed the company's credit profile at BBB+ using a bottom-up approach based on its standalone credit profile of BBB-, plus a two-notch uplift reflecting potential support from its parent, the Shanghai State-Owned Assets Supervision and Administration Commission (Shanghai Sasac).
The stable outlook also considers an expectation that the company will maintain its operations, Fitch said.
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