Fitch downgrades Zhongyuan AMC

Fitch Ratings said it downgraded Zhongyuan Asset Management Co., Ltd.'s long-term foreign- and local-currency issuer default ratings to BB+ from BBB-. Fitch also lowered Zhongyuan AMC's $400 million of 4.2% senior unsecured notes due 2022 to BB+ from BBB-.

“The downgrade comes after Fitch lowered our assessment of Zhongyuan AMC's stand-alone credit profile (SCP) to b+ from bb-, driven by an increase in our forecast for its net debt/EBITDA to 13.3x from 11.4x by end-2025,” the agency said in a press release. Fitch said it gives the company’s SCP a three-notch lift to reflect potential help from the Henan government.

The outlook is stable.

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