Fitch rates Jiangsu Hanrui notes BB+

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BB+ to Jiangsu Hanrui Investment Holding Co., Ltd.

Fitch also said it assigned an expected rating of BB+ to the company’s proposed senior unsecured dollar-denominated notes.

The outlook is stable.

The offshore notes will be issued by Hanrui Overseas Investment Co., Ltd. and will be unconditionally and irrevocably guaranteed by Hanrui International Investment Co. Ltd., which is a direct, wholly owned subsidiary of Jiangsu Hanrui, the agency said.

The notes will be senior unsecured obligations of Hanrui International and rank pari passu with all its other senior unsecured obligations, Fitch said.

The proceeds will be used for general corporate purposes, the agency said.

In place of a guarantee, Jiangsu Hanrui granted keepwell deeds to ensure Hanrui International has sufficient assets and liquidity to meet its obligations under the guarantee for the proposed notes, Fitch said.

The notes are rated at the same level as Jiangsu Hanrui's ratings due to the strong linkage between Hanrui International and Jiangsu Hanrui, the agency said.

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