Fitch rates Yingde notes BB

Fitch Ratings said it assigned Yingde Gases Group Co. Ltd.'s guaranteed $300 million 8 1/8% senior unsecured notes due 2018 a final rating of BB.

The notes are issued by Yingde Gases Investment Ltd. and unconditionally and irrevocably guaranteed by Yingde.

Fitch said the assignment follows the receipt of documents conforming to information already received.

The final rating is in line with the expected rating assigned on April 2.

Of the net proceeds from the issue, $150 million will be used for capital expenditure and for general corporate purposes, and the remainder for refinancing certain existing debt.

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