Fitch rates Huarong Finance notes A

Fitch Ratings said it assigned final rating of A to Huarong Finance 2019 Co., Ltd.'s $2.9 billion medium-term notes program.

The agency also said it assigned an expected A rating to its proposed senior unsecured notes.

The notes will be issued under the program, Fitch said.

Parent company China Huarong International Holdings Ltd. was established in 1999 and is one of four big asset-management companies approved and set up by the state council, the agency said.

The four asset-management companies play a very important policy role in maintaining China's financial stability through the orderly resolution of non-performing assets and the de-leveraging of the economy through reform of state-owned enterprises, Fitch said.

China Huarong will ensure Huarong Finance has sufficient funds to honor the debt obligations, the agency said.

Fitch also said it believes China Huarong intends to maintain its reputation and credit profile in the international offshore market and is unlikely to default on offshore obligations.

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