Fitch rates State Development & Investment notes A+

Fitch Ratings said it assigned an expected A+ rating on State Development & Investment Corp., Ltd.'s proposed dollar-denominated senior unsecured notes.

The proposed notes will be issued under the company's $3 billion medium-term note program, which is rated A+.

Part of the proceeds will be used for financing eligible green projects, Fitch said.

The rest of the proceeds will be used for overseas project construction, general corporate purposes and debt refinancing, the agency said.

The proposed notes will be issued by Rongshi International Finance Ltd., State Development's indirectly wholly owned subsidiary and will be unconditionally and irrevocably guaranteed by State Development, Fitch said.

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with all its other present and future unsecured and unsubordinated obligations, the agency said.

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