Fitch upgrades Gansu Provincial

Fitch Ratings said it upgraded Gansu Provincial Highway Aviation Tourism Investment Group Co., Ltd.’s long-term foreign-currency issuer default rating to BBB+ from BBB. Fitch also upgraded the company’s US dollar and euro senior unsecured notes to BBB+ from BBB.

“The rating upgrade reflects Fitch’s perception of the stronger financial implications of a GHAT default, considering its rapid asset expansion and active onshore and offshore bond issuance, which strengthens its role among the government-related entities in Gansu province. The upgrade also factors in the company’s recent large-scale debt-optimization program, which extended GHAT’s debt maturity and alleviated its interest burden,” the agency said in a press release.

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