Fitch assigns Lenovo notes BBB

Fitch Ratings said it assigned Lenovo Group Ltd.'s planned U.S. dollar senior unsecured notes a BBB rating, which will include green notes.

“The proposed notes are rated in line with Lenovo's senior unsecured rating of BBB as they will rank pari passu with its existing and future senior unsecured debt,” Fitch said in a press release.

The proceeds, excluding the green notes, will be used to repay debt and for working capital purposes. An amount equal to the green note net proceeds will be used to finance or refinance the company's eligible projects, according to its green finance framework.

The company will concurrently conduct a tender offer on its 2023 notes.

The outlook is stable.

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