Fitch rates Bright Food Singapore notes A-

Fitch Ratings said it assigned a final rating of A- to Bright Food Singapore Holdings Pte. Ltd.’s €400 million 1 5/8% notes.

The notes are to be unconditionally and irrevocably guaranteed by Bright Food (Group) Co., Ltd., Fitch said.

The notes are rated at the same level as the company’s senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, the agency said.

The final rating follows confirmed documents and is in line with the expected rating assigned in May, Fitch said.

Bright Food is credit-linked to the creditworthiness of the Shanghai municipality, the agency said.

The company’s linkage with the Shanghai State-owned Assets Supervision and Administration Commission (Sasac) has strengthened significantly following the state’s zero-cost injection of Shanghai Liang You Group into Bright Food in May 2015, Fitch said.

Bright Food is of critical importance for social stability and food supply in Shanghai, even though it is classified as a competitive state-owned enterprise, the agency added.

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