On February 28, Fitch Ratings, one of three major international credit rating agencies, released a statement in which it upgraded COFCO (Hong Kong) Limited’s (COFCO HK) long-term issuer default rating (IDR) and senior unsecured rating to A from A- with a stable outlook.
According to Fitch Ratings, COFCO HK has significantly enhanced its performance in recent years while continuing to lower its financial leverage. The Company is expected to boost its operating and financial performance at a steady pace. Given the “top-down” approach applied by Fitch, COFCO HK’s upgraded credit rating reflects Fitch’s ongoing optimism in the future development of COFCO Corporation.
Under the strong leadership of Corporation’s leading Party members’ group, COFCO Corporation resolutely implements the Party Central Committee’s various decisions and plans, focuses on the growth of core businesses, constantly deepens reform, and continues to push for quality increase and efficiency enhancement with remarkable improvement of growth quality and performance, playing an increasingly greater role in ensuring food security for the country and facilitating national macro-control of grains.
As a wholly owned subsidiary of COFCO Corporation (COFCO), COFCO HK is COFCO’s Hong Kong-based equity management platform for overseas financing with nine listed subsidiaries.