Fitch upgrades China Orient Asset

Fitch Ratings said it upgraded China Orient Asset Management (International) Holding Ltd.'s (Coamci) long-term foreign- and local-currency issuer default ratings to A from A-.

“The upgrade follows a re-assessment of the issuer and its peers under Fitch's parent and subsidiary linkage rating criteria. It reflects a revision of Fitch's view of the impact of the issuer's strategic and operational ties with its parent, China Orient Asset Management Co., Ltd. (China Orient, A/stable), on the IDRs, leading to an equalization of its ratings with that of its parent, from a one-notch difference,” Fitch said in a press release.

The agency also upgraded Coamci's guaranteed U.S. dollar bonds to A from A-. Wholly owned subsidiary Joy Treasure Assets Holdings Inc. sold the bonds that Coamci guarantees. Coamci is a wholly owned subsidiary and the offshore financing and operating arm of China Orient.

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.