Fitch assigns BBB to Jinan Hi-tech notes

Fitch Ratings said it assigned Jinan Hi-tech Holding Group Co., Ltd.'s planned U.S. dollar senior notes a BBB rating. The notes will be issued by Jinan Hi-tech's wholly owned subsidiary, Jinan Hi-Tech International (Cayman) Investment Development Co., Ltd., and will be guaranteed by Jinan Hi-tech.

The rating matches those on Jinan’s outstanding senior unsecured notes.

The bond proceeds will be used to repay the issuer's medium- and long-term offshore bonds due within one year, to fund construction projects and for general working capital.

The outlook is stable.

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