Fitch raises China Hongqiao

Fitch Ratings said it upgraded China Hongqiao Group Ltd.'s long-term foreign-currency issuer default rating to BB from BB-. Fitch also raised both the $300 million of 7 1/8% senior notes due 2022 and the $200 million of 7 3/8% senior notes due 2023 to BB from BB-.

“The upgrade reflects Hongqiao's strong financial position, consistent cash flow generation and favourable market conditions over the next few years,” Fitch said in a press release.

The outlook is positive.

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