Fitch assigns B to Xinhu, notes

Fitch Ratings said it published Xinhu Zhongbao Co., Ltd.'s long-term foreign-currency issuer default rating of B.

The outlook is stable.

The senior unsecured rating was also published at B with a recovery rating of RR4.

In addition, the agency assigned Xinhu (BVI) Holding Co. Ltd.’s proposed dollar-denominated notes a B(EXP) expected rating with a recovery rating of RR4.

Xinhu (BVI) is a fully owned subsidiary of Xinhu Zhongbao, which will unconditionally and irrevocably guarantee the notes. The notes are rated at the same level as Xinhu Zhongbao's senior unsecured debt as they will represent its direct, unconditional, unsecured and unsubordinated obligations.

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