Fitch upgrades Chengtong Hong Kong

Fitch Ratings said it upgraded China Chengtong Hong Kong Co. Ltd.’s (Ccthk) long-term foreign- and local-currency issuer default ratings to A- from BBB+. The agency also raised Ccthk's guaranteed senior unsecured notes, issued by CCTHK 2021 Ltd., to A- from BBB+.

Ccthk's credit profile is superior to its parent, CCT Group, under Fitch's internal assessment, the agency said.

“This is based on Fitch's expectation that CCT Group will be increasingly engaged in central state-owned enterprise reforms. The state council has shifted the company's designation of management and operation of state-owned capital from pilot stage to deepening the reforms,” the agency said in a press release.

The outlook is stable.

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