Fitch gives Yingde notes BB

Fitch Ratings said it has assigned Yingde Gases Group Co. Ltd.'s proposed senior unsecured notes an expected rating of BB(exp).

The notes are to be issued as a tap to the $300 million of 8 1/8% bonds due 2018 issued in April, with the same terms and conditions, the agency said.

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

According to Fitch, proceeds will be used for refinancing certain existing indebtedness.

Yingde's on-site gas supply business, which contributed to 88% of its revenue in 2012 (82% in 2011), generates stable cash flow similar to utilities companies, the agency added.

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