Fitch rates Hilong BB-

Fitch Ratings said it published long-term foreign-currency issuer default and senior unsecured ratings of BB- to Hilong Holding Ltd.

The outlook is negative.

The agency also said it an expected BB- rating to Hilong's proposed dollar-denominated senior notes.

Hilong's ratings are supported by its leading market position in its core businesses of drill pipes and coating products, its geographical diversification, diversity of its end-products and enhanced vertical integration, Fitch said.

The negative outlook reflects the company's increased working capital requirements during the current sector downturn, which is likely to delay de-leveraging, the agency said.

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