Fitch upgrades Zhongsheng Group

Fitch Ratings said it upgraded Zhongsheng Group Holdings Ltd.'s long-term issuer default and senior unsecured ratings to BBB from BBB-.

“The upgrade is driven by Zhongsheng's improved financial position, with strong free cash flow (FCF) generation. We expect the company's enhanced exposure to premium auto brands and expanding used-car sales to support revenue growth. Its strong FCF should also help keep net leverage below 2x,” Fitch said in a press release.

The outlook is stable.

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