Fitch lifts China Metallurgical to A-

Fitch Ratings said it upgraded China Metallurgical Group Corp.’s (CMGC) long-term foreign-currency issuer default rating and senior unsecured rating to A- from BBB+.

The outlook is negative.

At the same time, Fitch upgraded the long-term IDR and senior unsecured rating on CMGC's 49.18%-owned subsidiary, Metallurgical Corp. of China Ltd. (MCC), to A- from BBB+ with a negative outlook.

CMGC's ratings are equalized with those of its parent, China Minmetals Corp. (Minmetals, A-/negative), using a top-down approach as per Fitch's parent and subsidiary linkage (PSL) rating criteria – in light of CMGC's strong operational and strategic linkage with Minmetals.

“The negative outlook reflects our negative outlook on Minmetals, which is driven by Fitch's outlook on China's A+ sovereign rating,” Fitch said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.