Fitch rates HBIS Group BBB+

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB+ to HBIS Group Co., Ltd., along with a foreign-currency senior unsecured rating of BBB+.

The outlook is stable.

The rating on HBIS is notched down from an assessment of the credit profile of Hebei province's State-Owned Assets Supervision and Administration Commission (Hebei Sasac) given the strong linkage between the two, Fitch said.

HBIS is the largest steel producer in Hebei province and is 100% owned by Hebei Sasac, the agency said.

The company has strong operational and strategic ties with the Hebei government, Fitch noted.

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