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Fitch Upgrades Chalco HongKong Rating to A-; Outlook Stable

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Fitch Ratings upgraded Chalco HongKong's long-term issuer default rating and senior unsecured rating to 'A-' from 'BBB+' with a stable outlook.

The ratings agency said the upgrade follows the higher ratings assigned to the parent Aluminum Corporation of China (HKG:2600, SHA:601600), also known as Chalco, and its ultimate parent, Aluminum Corporation of China (Chinalco).

Fitch said Chalco HongKong's ratings reflect its role as Chalco's sole platform for overseas investment and financing, supported by strong strategic and operational links with its parent.

Fitch expects Chalco HongKong's EBITDA to remain broadly stable at around $550 million, with net leverage staying at about 1x, excluding the impact of its planned acquisition of Brazil's Companhia Brasileira de Alumínio.

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