Fitch rates Zhuhai Huafa notes BBB

Fitch Ratings said it assigned Zhuhai Huafa Group Co., Ltd.'s (BBB/stable) proposed senior dollar notes an expected rating of BBB.

The proposed offshore notes will be issued by Huafa 2019 I Co. Ltd. which is an indirect wholly owned subsidiary of Huafa.

“Huafa will provide an unconditional and irrevocable guarantee on the proposed notes, which will rank at least equally with all its other present and future unsecured and unsubordinated obligations,” the agency said in a news release.

“Proceeds will be used for refinancing existing offshore debt and offshore business operations.”

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