Fitch ups Power Construction

Fitch Ratings said it upgraded Power Construction Corp. of China's long-term foreign-currency issuer default rating and senior unsecured rating to A- from BBB+ and removed the ratings from under criteria observation. The agency also raised the ratings on the medium-term note program and outstanding senior unsecured debt to A- from BBB+ while the ratings on the senior perpetual capital securities have been upgraded to BBB+ from BBB.

“PCCC's upgrade reflects the application of Fitch's updated Government-Related Entities (GRE) Rating Criteria, published on Jan. 12, 2024. With a support score of 30 points and a stand-alone credit profile (SCP) of b+, Fitch notches PCCC's rating two levels below China's sovereign rating (A+/negative) according to the notching guideline in the GRE criteria,” the agency said in a press release.

The outlook is negative reflecting the outlook on China.

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