Fitch upgrades Zoomlion

Fitch Ratings said it upgraded Zoomlion Heavy Industry Science and Technology Co. Ltd.’s long-term foreign-currency issuer default rating to B+ from B. Fitch also upgraded the company’s senior unsecured rating and the rating of its $600 million of 6 1/8% senior unsecured notes due 2022, issued by subsidiary Zoomlion H.K. SPV Co. Ltd., to B+ from B with a recovery rating of RR4.

“The upgrade reflects a significant improvement in the company’s leverage metrics, supported by the sustained recovery in its core construction-machinery business,” Fitch said in a press release.

The company reduced its funds from operations net leverage to 2.8x in 2019 from 5x in 2018 and 18.1x in 2017, Fitch noted.

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