Fitch upgrades Chalco

Fitch Ratings said it upgraded Aluminum Corp. of China Ltd.'s (Chalco) long-term foreign-currency and local-currency issuer default ratings and senior unsecured rating to A- from BBB+.

The outlook is stable.

The agency said the upgrade follows the publication of Aluminum Corp. of China's (Chinalco) ratings at A-.

Chinalco is rated two notches below the China sovereign's rating under Fitch's government-related entities rating criteria, reflecting the state's strong incentive to support the company.

The ratings of Chalco are equalized with those of Chinalco due to their strong operational and strategic linkages, Fitch said.

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