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Fitch ups Yanzhou Coal, rates debt
Fitch Ratings said it upgraded Yanzhou Coal Mining Co. Ltd.’s long-term foreign-currency issuer default rating to B+ from B.
The outlook is stable.
The agency also assigned Yanzhou Coal a senior unsecured rating of B+/RR4.
In addition, Fitch upgraded the rating on the $1.1 billion dual-tranche 5.73% notes due 2022 issued by subsidiary Yancoal International Resources Development Co., Ltd. to B+ from B. The recovery rating is RR4. The notes are unconditionally and irrevocably guaranteed by Yanzhou.
Fitch said the upgrade was driven by its assessment of the consolidated credit profile of Yanzhou's immediate parent, Yankuang Group., Ltd., under the Government-Related Entities Rating Criteria released Feb. 8.
“Fitch assessed Yankuang Group's consolidated credit profile at B+ using a bottom-up approach based on its standalone credit profile of CCC+ plus a three-notch uplift reflecting potential support from its ultimate parent, Shandong State-owned Assets Supervision and Administration Commission (SASAC),” the agency said in a news release.
“Yanzhou's rating was then equalized with that of Yankuang Group as Fitch assesses the linkage between the two entities as strong, underpinned by solid strategic and operational ties, as per Fitch's Parent and Subsidiary Rating Linkage criteria.”
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