Fitch lifts Zhaojin Mining

Fitch Ratings said it upgraded Zhaojin Mining Industry Co. Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating to BB+ from BB. The outlook is stable.

At the same time, Fitch removed the rating watch positive from both ratings.

The agency said Zhaojin Mining's ratings are derived from Fitch's assessment of the consolidated credit profile of Zhaojin Mining's immediate parent, Zhaojin Group Co. Ltd., which is wholly owned by Zhaoyuan municipality.

The agency said the upgrade follows an upgrade of Fitch's internal assessment of the creditworthiness of Zhaoyuan.

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