Fitch upgrades Jinchuan

Fitch Ratings said it upgraded Jinchuan Group Co., Ltd.'s long-term foreign-currency issuer default rating and foreign-currency senior unsecured rating to BBB+ from BBB. Fitch also raised Jinchuan's $280 million of 4% guaranteed senior notes due 2024 to BBB+ from BBB. The notes were issued by Jinchuan's wholly owned subsidiary, Jinchuan Golden Ocean Capital Ltd., and guaranteed by the parent.

“The upgrade reflects Jinchuan's improved stand-alone credit profile (SCP), which is driven by strong profitability and consistent cash flow generation as well as an enhanced financial position,” the agency said in a press release.

The outlook is stable.

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