Fitch upgrades Seazen Group

Fitch Ratings said it upgraded Seazen Group Ltd.’s long-term foreign- and local-currency issuer default ratings to BB+ from BB. Fitch also upgraded the long-term foreign-currency IDR of Seazen’s 67%-owned subsidiary, Seazen Holdings Co., Ltd., to BB+ from BB.

“The rating upgrade reflects Fitch’s view that SGL’s large scale of CNY 160 billion-180 billion in attributable sales in 2019-2020 is comparable with low investment-grade peers, and that it will be able to keep its leverage below 40%, which had dropped to 32% in 1H20. In addition, recurring rental income from the group’s shopping mall portfolio has increased. We estimate recurring EBITDA/interest of 0.5x in 2020, despite the coronavirus pandemic,” Fitch said in a press release.

The outlook is stable

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