Nov 11, 2022 03:49 PM

BUSINESS

Fitch Downgrades Zijin Mining Amid Debt-Fueled Spending Spree

Fitch Ratings has cut Zijin’s long-term issuer rating from “BBB-” to “BB+” — the highest grade in speculative territory. Photo: VCG

Fitch Ratings has cut Zijin’s long-term issuer rating from “BBB-” to “BB+” — the highest grade in speculative territory. Photo: VCG

Fitch Ratings Inc. has downgraded Zijin Mining Group Co. Ltd. (601899.SH) from investment grade to junk over concerns the Chinese firm could face increasing debt pressure following a shopping spree of critical metal resources.

The state-linked miner has announced acquisitions and investments totaling 33 billion yuan ($4.5 billion) this year, more than double what was expected, according to Fitch.

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