Fitch rates Changchun Urban bond BBB

Fitch Ratings said it assigned Changchun Urban Development & Investment Holdings (Group) Co., Ltd.'s (CCDG) planned guaranteed bond a BBB rating. CCDG's wholly owned subsidiary, Chang Development International Ltd. will issue the bond, which will be guaranteed by CCDG.

“The proposed bond is rated at the same level as CCDG's issuer default rating (IDR), because the direct guarantee structure transfers the ultimate responsibility of payment to CCDG,” Fitch said in a statement.

The outlook is stable.

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