Fitch upgrades Sichuan Development

Fitch Ratings said it upgraded Sichuan Development Holding Co., Ltd.'s (SDH) long-term foreign- and local-currency issuer default ratings to A from A- and removed the ratings from under criteria observation. The agency also upgraded to A from A- the $2 billion medium-term note program and the $500 million of 2.8% senior unsecured notes due 2026 issued under the program by its wholly owned subsidiary, Yieldking Investment Ltd.

The notes are guaranteed by Sichuan Development International Holding Co. Ltd. (SDIH), SDH's fully owned subsidiary.

“The upgrade is the result of a higher support score assessment for SDH after the publication of Fitch's final government-related entities rating criteria and public policy revenue-supported entities rating criteria on Jan. 12, 2024. We raised our assessment to 'very strong' for contagion risk from the 'strong' assessment of the financial implications of default under the previous criteria,” Fitch said in a press release.

The outlook is stable.

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