Fitch moves Zhongsheng view to positive

Fitch Ratings said it revised Zhongsheng Group Holdings Ltd.’s outlook to positive from stable and affirmed the long-term issuer default rating at BBB-.

“The positive outlook reflects Zhongsheng's strengthened market position and improved financial profile. Fitch thinks the company's exposure to premium auto brands and expanding used-car sales should support revenue growth. In addition, free cash flow (FCF) should support deleveraging to below 2x. This follows a fall in flow from operations (FFO) adjusted net leverage to 2.3x in 2020, from 3x in 2019, on significant FFO growth,” the agency said in a press release.

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