Fitch lifts Zhengzhou Metro

Fitch Ratings said it upgraded Zhengzhou Metro Group Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to A from A-. The outlook is stable.

Fitch also upgraded the rating on the company’s senior dollar notes to A from A-.

All ratings were removed from rating watch positive.

The upgrade follows Fitch's re-assessment of the sponsoring government, Zhengzhou municipality, in line with its revised global rating criteria for international local and regional governments, the agency said.

Fitch said it raised its perception of Zhengzhou municipality's ability to provide legitimate support to the company.

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