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Fitch gives China Development Bank notes A-
Fitch Ratings said it assigned an expected A- rating to China Development Bank's (CDB) proposed issue of global senior unsecured notes due 2015.
At the same time, the agency said it affirmed the bank's long-term foreign currency rating at A- (positive) and support rating at 1.
The net proceeds from the sale of the notes will be used to fund foreign currency denominated loans by CDB to finance infrastructure and other industrial projects permitted under the bank's articles of association, to repay the bank's outstanding debt and for working capital and general corporate purposes, Fitch added.
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