Fitch lifts 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-. The outlook is positive.

Fitch also upgraded the senior unsecured rating and the rating of its $600 million 6 1/8% senior notes due 2022, issued by subsidiary Zoomlion HK SPV Co. Ltd., to B from B- with a recovery rating of RR4.

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

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