Fitch Upgrades Quzhou State-owned Capital Operation to BBB

MT Newswires Live11-29 19:27

Fitch Ratings has raised Quzhou State-owned Capital Operation's long-term foreign and local-currency issuer default ratings and its US dollar senior unsecured note rating to BBB from BBB-, according to a Thursday release.

The upgrade considers Fitch's view that the company is the most strategically important government-related entity for the Quzhou municipality's development.

Fitch believes the developer is extremely likely to obtain extraordinary government support if needed.

The developer has a "b" standalone credit profile, incorporating, among other factors, Fitch's view of positive demand growth in the municipality in the next three to five years that should support the company's revenue as well as slower debt growth amid tighter funding for local government financing vehicles (LGFVs).

Shifts in Fitch's view of the Quzhou municipality's ability to provide support or changes in its direct control over the developer could lead to future rating actions, Fitch said.

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