Fitch Affirms Chinalco's Ratings at A- with Stable Outlook
Fitch Ratings has affirmed Aluminum Corporation of China's (Chinalco) Long-Term Foreign-Currency Issuer Default Rating and senior unsecured rating at 'A-'. The Outlook is Stable. The Stable Outlook reflects Fitch's expectation that the likelihood of Chinese government support for Chinalco and its operations will be maintained.
Chinalco is the largest aluminium producer in the world, and one of the top producers of copper, lead and zinc in China. The company is directly owned by China's State-owned Assets Supervision and Administration Commission. Chinalco is rated two notches below the China sovereign's rating of 'A+'/Stable under Fitch's Government-Related Entities Rating Criteria, reflecting the state's strong incentive to support the company.