Fitch ups China Minmetals to A-

Fitch Ratings said it upgraded China Minmetals Corp.’s long-term foreign-currency issuer default rating (IDR) and senior unsecured rating to A- from BBB+ and removed the ratings from Under Criteria Observation (UCO).

The outlook is negative.

“Minmetals’ upgrade reflects the application of Fitch's updated Government-Related Entities Rating Criteria, published on 12 January 2024. We assess its preservation of government policy role factor as 'Strong' under the new criteria, while the assessment was 'Moderate' for socio-political implications of a default under the previous criteria,” Fitch said in a news release.

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