Fitch: West China notes BB-

Fitch Ratings said it assigned a final rating of BB- to West China Cement Ltd.’s $400 million 6½% senior unsecured notes due 2019.

The notes are issued by West China and guaranteed by its existing subsidiaries other than those organized under the laws of China, Fitch said.

This final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned in August, the agency said.

The company intends to use the proceeds to refinance the U.S. dollar notes, which may be redeemed at 101 7/8% of the principal amount on or after Jan. 25, 2015, Fitch said, or at 103¾% before that.

The negative outlook on the company is driven by the refinancing risk that the company faces for its outstanding debt, Fitch said.

This will be resolved once West China successfully refinances a majority of the debt due in 2016, the agency said.

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