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Fitch upgrades China Orient Asset
Fitch Ratings said it upgraded China Orient Asset Management Corp’s long-term foreign- and local-currency issuer default ratings to A from A-.
The outlook is stable.
Fitch also said it upgraded Century Master Investment Co., Ltd.’s $600 million 4¾% senior unsecured notes due 2018 to A from A-; Starway Assets Enterprises Inc.’s ¥2.5 billion 4.1% senior unsecured notes due 2017 to A from A-; and Charming Light Investments Ltd.’s $1.1 billion 3¾% senior unsecured notes due 2019 to A from A- and $400 million 5% senior unsecured notes due 2024 to A from A-.
The notes are unconditionally and irrevocably guaranteed by China Orient Asset Management (International) Holdings Ltd.
The upgrade was driven by the re-assessment of China Orient Asset’s strategic importance to the Chinese sovereign, Fitch said.
The company is of greater importance to the state following the entity’s strong asset growth over the past three years, the agency said.
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