Fitch rates Zhuhai Huafa bonds BBB

Fitch Ratings said it assigned a BBB rating to Zhuhai Huafa Group Co., Ltd.'s planned senior unsecured dollar-denominated notes.

The offshore notes will be issued by subsidiary Huafa 2021 I Co. Ltd., and will be guaranteed by the parent.

“The proposed bonds are rated at the same level as Huafa's issuer default rating (IDR) because the direct guarantee structure transfers the ultimate responsibility of payment to Huafa,” Fitch said in a press release.

Proceeds will be used for refinancing offshore debt.

The outlook is stable.

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