Fitch assigns A to China Huarong notes

Fitch Ratings said it assigned Huarong Finance 2019 Co., Ltd.’s proposed senior unsecured notes to be issued under its $2.9 billion medium-term note program an expected rating of A.

Huarong Finance 2019 is wholly owned by China Huarong International Holdings Ltd., which in turn is wholly owned by China Huarong Asset Management Co., Ltd., and rated A by Fitch.

“The notes are rated at the same level as China Huarong’s Issuer Default Rating (IDR) due to the strong link between China Huarong and Huarong International and because the keepwell deed and deed of equity interest purchase, investment and liquidity support undertaking transfer the ultimate responsibility of payment to China Huarong,” said Fitch in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.