Fitch affirms Delong

Fitch Ratings said it affirmed Delong Holdings Ltd.'s long-term foreign-currency issuer default rating at B.

The outlook is stable.

The ratings remain unchanged since first assigned in November, the agency said.

Fitch said it considered the impact of recent coking coal supply disruptions to the Chinese steel producers as not significant, since 90% of Chinese coking coal is supplied domestically while steel producers can draw down on their inventory as a temporary measure.

The agency also said it observed the increase in steel prices in China this year has more than offset raw material price increases.

Delong's small scale of operations is the main constraining factor on its rating, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.