Fitch affirms Chalco

Fitch Ratings said it affirmed Aluminum Corp. of China Ltd.'s (Chalco) long-term foreign-currency issuer default rating at BBB+ with a stable outlook and local-currency issuer default rating at A- with a negative outlook.

The short-term foreign-currency and local-currency issuer default ratings have been affirmed at F2.

The ratings continue to be notched down by three levels from China's ratings, Fitch said.

This approach is premised on the strategic importance of Chalco and its parent, Aluminum Corp. of China to the state due to the companies' leadership in the development of the Chinese base metal industry, the agency said.

Base metals, particularly aluminum, hold strategic importance in China's drive to develop its aerospace and defense industries, Fitch said.

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