Moody’s lifts China Oriental

Moody's Investors Service said it upgraded China Oriental Group Co. Ltd.’s corporate family and senior unsecured debt ratings to B3 from Caa1.

The ratings remain on review for further upgrade.

"The ratings upgrade mainly reflects China Oriental's full redemption of its $330 million notes, a development which materially alleviates refinancing pressure on the company," Moody's vice president and senior analyst Franco Leung said in a news release.

"The redemption of the USD notes also demonstrates China Oriental's ability to access external funding despite the weak operating environment for China's steel industry."

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