Fitch rates Eastern Media BB; ups nat'l long-term rating

Fitch Ratings said it assigned a long-term issuer default rating of BB with a stable outlook to Eastern Media International Corp. and upgraded its national long-term rating to BBB+(twn) from BBB(twn).

The national outlook is also stable.

The upgrade mainly reflects the company's decreasing net debt trend over the medium term, stable cash-flow generation at most of its operations, as well as the capital injections in progress in one of its subsidiaries.

Fitch said the ratings take into account the diversified business exposure of Eastern Media and its subsidiaries to the marine transport, warehousing, trading, media and real-estate development sectors, which share a low correlation.

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