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Fitch affirms Zhuhai Huafa
Fitch Ratings said it affirmed Zhuhai Huafa Group Co., Ltd.'s long-term foreign- and local-currency issuer default ratings at BBB.
The outlook is stable.
The agency also affirmed the RMB 1.5 billion 5¼% senior bonds issued by Huarui Investment Holding Co. Ltd. and the $300 million 3½% senior bonds issued by Huaxing Investment Holding Co. Ltd. at BBB.
The two bonds are unconditionally and irrevocably guaranteed by Zhuhai Huafa.
Fitch said the ratings are assessed under its government-related entities rating criteria, reflecting the Zhuhai municipality's ownership, direct control and strong support track record of Huafa.
The agency said it also factored in the socio-political and financial implications for the government if Zhuhai Huafa were to default.
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