Fitch upgrades Zhongyuan Yuzi

Fitch Ratings said it upgraded Zhongyuan Yuzi Investment Holding Group Co., Ltd.’s long-term foreign- and local-currency issuer default ratings to A from A-. Fitch also upgraded Yuzi's dollar-denominated senior unsecured notes to A from A-. The notes are issued by subsidiary Zhongyuan Sincere Investment Co. Ltd., and are guaranteed by Yuzi.

“The upgrade reflects Fitch’s perception of the stronger social-political implication of a Yuzi default, considering its bolstered role in promoting Henan province's social-housing development as well as the importance of urbanization to support sustainable economic development,” Fitch said in a press release.

The outlook is stable.

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