Fitch Ratings upgraded Aluminum Corporation of China's (Chinalco)'s long-term foreign- and local currency issuer default ratings (IDRs) and senior unsecured rating to A- from 'BBB+.
The outlook is stable, according to a Wednesday release from the ratings firm.
Ratings on all the bonds guaranteed by Chinalco have also been upgraded to 'A-' from 'BBB+'.
The upgrade reflects Fitch's reassessment of Chinalco's government preservation role to Very Strong from Strong in its government-related entity (GRE) score.
Fitch also raised Chinalco's Standalone Credit Profile (SCP) to bb+ from bb, driven by an improvement in its financial profile.
Chinalco is the parent of Aluminum Corporation of China (HKG:2600, SHA:601600) or Chalco and China Aluminum International Engineering (SHA:601068, HKG:2068) or Chalieco.