Fitch rates Jinan Hi-tech notes BBB

Fitch Ratings said it gave Jinan Hi-tech Holding Group Co., Ltd.'s planned senior unsecured notes a BBB rating.

“The proposed notes will constitute Jinan Hi-tech's direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other unsecured and unsubordinated obligations. Hence, the proposed notes are rated at the same level as the company's issuer default rating (IDR),” the agency said in a press release.

The proceeds will be used for repayment of offshore bonds due 2022, funding construction projects and general working capital.

The outlook is stable.

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