Fitch raised the credit ratings of Baowu, Baosteel, and Baosteel Resources (International) by one level respectively, among which the ratings of Baowu and Baosteel were raised from A to A+, and Baosteel Resources (International) was upgraded from A- to A, and the rating outlook of the three companies was "stable". Fitch believed that, given Baowu's ability to withstand industry fluctuations and its rapid development in recent years, Baowu's debt repayment ability supported the improvement of its independent credit profile, which in turn drove the rating upgrade. Despite the steel industry downturn, Baowu's profitability has continued to be above the industry average. As a strategically important subsidiary of Baowu, Baosteel produced most of the high value-added products, and its individual credit status reflected its strong production and operation capabilities. Baosteel’s rating was equalized with that of Baowu to reflect strong operational and strategic linkages of Baosteel and Baowu. As Baowu's overseas financing and trade platform and upstream resource integration and development platform, Baosteel Resources (International) is strongly correlated to Baowu, and Baosteel Resources (International) was upgraded from A- to A.