Moody's lifts China National Gold

Moody's Investors Service said it upgraded China National Gold Group Co., Ltd.’s issuer rating to Baa2 from Baa3 and revised the outlook to stable from positive.

"The rating upgrade reflects CNG's improved financial profile with lower leverage and our expectation that the company's prudent financial policy and free cash flow generation will sustain its financial profile at the higher rating level over the next two years," said Kaven Tsang, a Moody's senior vice president, in a press release.

The agency noted CNG cut its Moody's adjusted debt/EBITDA to 4.1x at the end of 2021 from nearly 9x at the end of 2016. CNG employed its free cash flow of more than RMB 3 billion annually and publicly listing subsidiaries to help drive down its adjusted debt.

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