Fitch downgrades XETZ, notes

Fitch Ratings said it downgraded Xuzhou Economic and Technology Development Zone State-Owned Assets Management Co., Ltd.'s (XETZ) long-term foreign- and local-currency issuer default ratings to BB from BB+.

The outlook is stable.

The agency also downgraded the $300 million 4½% notes due 2019 issued wholly owned subsidiary Xuzhou Economic and Technology Development Zone International Investment Co., Ltd. and the $400 million 6¾% notes due 2021 issued by wholly owned subsidiary Jinshine International Co., Ltd. to BB from BB+.

All ratings were removed from rating watch negative.

Fitch said the downgrade was based on its assessment of XETZ following the Feb. 7 publication of our Government-Related Entities Rating Criteria (GRE criteria).

The bond ratings were also downgraded as they constitute XETZ's direct, general, unsubordinated, unconditional and unsecured obligations, the agency noted.

The issuer default ratings and bond ratings were put on rating watch negative on Dec. 20 after the release of the GRE criteria exposure draft.

© 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.