Recently, Fitch Rating Co., Ltd. (hereinafter referred to as "Fitch"), one of three international authoritative credit rating agencies, raised the credit rating of Jinchuan Group from "BBB" to "BBB+", with a stable outlook. At the same time, Fitch has raised the independent credit rating of Jinchuan Group from "bb+" to "bbb-" investment grade, and raised the rating of the stock of $280 million bonds from "BBB" to "BBB+".
This credit rating upgrade is the second upgrade in a short period, after Jinchuan Group obtained the Fitch rating for the first time. It marks Jinchuan Group achieving investment grade ratings twice, becoming the state-owned enterprise with the highest international credit rating in Gansu province.
According to Fitch, the credit rating upgrade is based on Jinchuan Group's important role in the nickel and cobalt production field domestically and internationally, as well as its complete upstream and downstream industrial chain integrating mining, beneficiation, smelting and processing. At the same time, the strong profitability of Jinchuan Group in the last two years, its continuously optimized financial structure, stable and continuous positive free cash flow and the strong support of Gansu provincial government for Jinchuan Group have been fully considered.
Since 2022, Jinchuan Group has made the "stable growth" of the province's economy the top priority of its production and operation, and acted as the leader and main force of the local economy. Key economic indicators, such as operating income, total profit and industrial output value, have risen significantly, contributing Jinchuan's efforts to promote the province's economic growth.
Fitch is recognized as one of the most authoritative professional credit rating agencies in the world. The continuous upgrade of the credit rating of Jinchuan Group reflects the recognition of the international authoritative rating agencies for Jinchuan’s overall credit strength, high-quality development and corporate governance. It will further enhance Jinchuan Group's image in the international capital market, help to continuously reduce the cost of overseas financing, improve the overall competitiveness of Jinchuan’s international business, and provide a strong guarantee for the sustainable development of transnational operation and capital operation.
