Fitch rates Midea notes A-

Fitch Ratings said it assigned a rating of A- to Midea Investment Development Co. Ltd.'s medium-term note program.

The agency also said it assigned an A- rating to Midea Investment's proposed senior unsecured dollar-denominated notes issued under the program.

Midea Investment is a wholly owned subsidiary of Midea Group Co., Ltd., which is providing an unconditional and irrevocable guarantee for the program.

The ratings are driven by the company's position as an innovative, leading Chinese consumer appliance maker and its broad product and geographical diversification, Fitch said.

The company has strong distribution and sales network and positive long-term industry outlook in China, the agency said.

The ratings also consider its limited international brand value and the cyclicality of the industry, Fitch added.

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