Fitch Affirms Binhai Investment at BB+, Withdraws Ratings

MT Newswires Live

07/06

Fitch Ratings affirmed Binhai Investment's (HKG:2886) long-term foreign-currency issuer default rating, long-term local-currency issuer default rating, and senior unsecured rating at BB+ with a negative outlook before withdrawing all of its ratings on the company, according to a Friday statement.

The ratings agency said the negative outlook reflects risks to Binhai's deleveraging as higher gas costs linked to the Iran conflict could delay sales volume recovery and narrow margins, keeping leverage above its downgrade trigger.

It expects Binhai's EBITDA net leverage to decline to 5.3x in 2026 from 5.5x in 2025, supported by a recovery in gas sales, stable margins and prudent cash management.

Fitch said it withdrew the ratings for commercial reasons.

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