Fitch hikes Shanghai Huayi

Fitch Ratings said it raised its ratings for Shanghai Huayi Holdings Group Co., Ltd. and its senior unsecured notes to BBB+ from BBB-. Its $350 million of 3% notes were issued through its Huayi Finance I Ltd. unit.

“The rating upgrade is driven by changes in Fitch's government-related entities (GRE) rating criteria published on Jan. 12, 2024. Based on the updated criteria, we have applied a four-notch uplift, instead of the previous two-notch uplift, from the stand-alone credit profile (SCP) of bb. Huayi is wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission (Sasac),” the agency said in a press release.

Fitch noted the Shanghai Sasac appoints the company’s senior management and can influence key decisions and investment choices.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.