Fitch ups, confirms China Mobile

Fitch Ratings said it upgraded China Mobile Ltd.'s long-term local-currency issuer default rating to AA- from A+ with a negative outlook and affirmed its long-term foreign-currency issuer default rating at A+ with a stable outlook.

"The upgrade of the [local-currency issuer default rating] is due to the company's continuing dominant position in China's mobile telecoms market and strong financial performance, despite concentration on mobile services," Kevin Chang, a Fitch director, said in a statement.

"CML has proved to be much more resilient to competition than Fitch previously envisaged."

The company is ultimately controlled by the Chinese sovereign and therefore the ratings are constrained by China's sovereign ratings (foreign-currency rating A+/stable; local-currency rating AA-/negative), Fitch noted.

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