Moody's downgrades Zijin Mining

Moody's Investors Service said it assigned a Ba1 corporate family rating to Zijin Mining Group Co. Ltd. and withdrew the company's Baa3 issuer rating.

At the same time, Moody's downgraded the rating on the backed senior unsecured bond issued by Zijin International Capital Co. Ltd. to Ba1 from Baa3.

The agency also changed the outlook to stable from under review. The downgrades and outlook change conclude the review started on June 10, Moody’s said.

"The downgrade reflects Zijin's acquisitive strategy and the expected weakening in its financial profile over the next one to two years, following multiple acquisitions in 2020," said Kaven Tsang, a Moody's senior vice president, in a press release.

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