Fitch ups Qingdao City Construction

Fitch Ratings said it upgraded Qingdao City Construction Investment (Group) Ltd.'s long-term foreign- and local-currency issuer default ratings to BBB+ from BBB.

“The upgrade reflects Fitch's view that QCCI's relationship with the Qingdao municipal government has strengthened because the company will now hold more strategically important assets on behalf of the government. In late 2019, the Qingdao government gave QCCI the mandate of holding the government's strategic assets, on top of its roles in urban and rural infrastructure development, photovoltaic power generation and other businesses,” Fitch said in a press release.

The outlook is stable.

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