Fitch gives eHi notes B

Fitch Ratings said it gave eHi Car Services Ltd.'s planned dollar-denominated senior unsecured notes a B rating with an RR4 recovery rating. The rating is on rating watch positive.

“The proposed notes are rated at the same level as eHi's senior unsecured rating because they will constitute its direct and senior unsecured obligations,” the agency said in a press release.

The issuance would further improve eHi's debt maturity profile and lower its refinancing risk. It would increase the liquidity headroom for debt repayment, including its August 2022 bond, which has an outstanding balance of $252 million as of Sept. 1, Fitch said.

“eHi's issuer default rating and senior unsecured rating could potentially be removed from the RWP and be upgraded to B+ if the proposed issuance is successful,” the agency said.

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