Fitch revises Zhongyuan view to positive

Fitch Ratings said it revised the outlook on Zhongyuan Asset Management Co., Ltd. to positive from stable and affirmed its long-term foreign- and local-currency issuer default ratings at BB+. The agency also affirmed the BB+ rating on Zhongyuan AMC's $400 million 4.2% senior unsecured notes due in November.

“The positive outlook reflects firmer support from the Henan provincial government, including a CNY 4.5 billion capital injection to expand the company's paid-in capital during the last 12 months, which also resulted in an increase in the state's direct and indirect ownership. Fitch expects the government to inject additional capital into the company to double Zhongyuan AMC's paid-in capital to CNY 10 billion,” Fitch said in a press release.

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