Fitch rates Zhuhai Huafa bonds

Fitch Ratings said it assigned Zhuhai Huafa Group Co., Ltd.'s planned senior unsecured bonds a BBB rating. The offshore yuan-denominated bonds will be issued by Huafa Investment Holding 2022 I Co. Ltd., which is an indirect, majority-owned subsidiary of Huafa.

“The proposed bonds are rated at the same level as Huafa's long-term foreign-currency issuer default rating (IDR) because Huafa provides an unconditional and irrevocable guarantee on the proposed notes,” Fitch said in a press release.

The proceeds will be used to fund its offshore financial license business.

The outlook is stable.

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