Fitch rates Urumqi Gaoxin Investment and Development bonds BB+

Fitch Ratings said it assigned Urumqi Gaoxin Investment and Development Group Co., Ltd.'s (UGID, BB+/stable) proposed senior unsecured U.S. dollar notes a rating of BB+.

UGID is a district-level urban-infrastructure developer located in the Urumqi High-tech Industrial Development Zone (New City) in the Xinjiang Uyghur Autonomous Region in north-west China.

UGID is one of the two state-owned enterprises under the New City government.

The proposed offshore notes are rated at the same level as UGID's long-term foreign-currency issuer default rating as they will be issued by UGID and will constitute its unsecured and unsubordinated obligations, ranking pari passu with all its other present and future obligations, Fitch said.

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