Fitch upgraded state-owned Hefei Industry Investment Holding (Group)'s long-term foreign- and local-currency ratings or IDR to 'BBB+' from 'BBB', according to a Tuesday press release from the ratings agency.

The ratings agency also upgraded two of the company's bonds to 'BBB+' from 'BBB'. The bonds, which was issued by subsidiary Xianjin Industry Investment, were the senior unsecured $300 million 5.8% bond due 2026 and $500 million 4.75% bond due 2028.

Fitch revised its assessment of the Hefei municipal government's oversight of the company to 'very strong' from 'strong' because OF its strong decision-making role over HIIG's projects, which are in line with the Chinese province's economic agenda.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)