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Fitch Upgrades China Hainan Rubber's Rating to BBB+, Outlook Stable

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Fitch has upgraded China Hainan Rubber Industry Group's (SHA:601118) long-term issuer default rating to BBB+ from BBB, according to an official statement on Wednesday.

The ratings agency has kept the outlook stable.

The change in ratings reflects an upgrade of the company's parent, Hainan State Farms Investment Holdings Group, to BBB+ from BBB with a stable outlook, Fitch said.

The agency rates China Hainan Rubber under the "stronger parent/weak subsidiary" approach in the parent and subsidiary linkage rating criteria. Therefore, it has equalized Hirub's ratings with Hainan State Farms.

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