Fitch gives Beijing Infrastructure notes A+

Fitch Ratings said it assigned Beijing Infrastructure Investment Co., Ltd.'s (BII; A+/stable) $2 billion medium-term note program an expected rating of A+(EXP) and the proposed senior unsecured Chinese yuan notes to be issued under the program an expected rating of A+(EXP).

Notes issued under the program may be in any currency or of any tenor.

Proceeds from the proposed Chinese yuan notes issued will be used primarily for the development of the urban railway transit system in Beijing, as working capital and for general corporate purposes.

The notes under the medium-term note program will be issued by Eastern Creation II Investment Holdings Ltd. and are unconditionally and irrevocably guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd. (BII HK), a wholly owned subsidiary of BII. The notes under the program will be senior unsecured obligations of BII HK and also rank pari passu with all other obligations of BII HK.

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