Fitch trims Kunming Iron & Steel, ratings off watch

Fitch Ratings said it downgraded Kunming Iron & Steel Holding Co., Ltd.’s long-term issuer default rating and senior unsecured rating to BBB- from BBB.

“The downgrade follows a review of Fitch’s internal assessment of the creditworthiness of the Yunnan province, which was prompted by a revision in the criteria that govern the ratings of international local and regional governments. The linkages between KISC and the Yunnan government remain unchanged,” said the agency in a news release.

The agency also removed the rating watch negative from both ratings.

The outlook is stable.

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