Fitch raises Henan Investment

Fitch Ratings said it raised its rating on the $300 million of 2.2% senior unsecured bonds due 2024 that Henan Investment Group Co. Ltd. guarantees to A from A-. Subsidiary Central International Development (BVI) Ltd. sold the notes.

The agency also upgraded HIG’s long-term foreign- and local-currency issuer default ratings to A from A-.

“The upgrade reflects our reassessment of the socio-political implications of default to 'strong' from 'moderate'. HIG has become the largest stakeholder in most of Henan's financial institutions, overseeing total assets of CNY 3.8 trillion, accounting for 90% of total local financial institution assets in the province,” Fitch said in a press release.

The outlook is stable.

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