Fitch elevates Golden Eagle

Fitch Ratings said it upgraded Golden Eagle Retail Group Ltd.’s long-term issuer default rating and senior unsecured rating to BB+ from BB.

The outlook is stable.

“The upgrade is driven by Golden Eagle's ability to maintain a strong financial profile amid the coronavirus pandemic, with higher revenue and EBITDA reported for 2020 despite significant disruption to business operations in 1H20,” Fitch said in a news release.

“The ratings are constrained by the company's small scale and geographic concentration, with the bulk of revenue generated from the Yangtze River delta area,” the agency said.

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