Fitch rates Coamci bonds A-

Fitch Ratings said it assigned an expected rating of A- to China Orient Asset Management (International) Holding Ltd.'s (Coamci) proposed issue of dollar-denominated senior unsecured bonds.

The proposed bonds will be issued by Joy Treasure Assets Holdings Inc., a wholly owned subsidiary of Coamci, which irrevocably and unconditionally guarantees the bonds.

The proceeds of the proposed bond will be used for refinancing and other general corporate purposes, Fitch said.

The proposed offshore bonds are rated at the same level as the company's issuer default ratings as they represent unsubordinated and unsecured obligations of Coamci and rank pari passu with all of Coamci's other present and future unsecured obligations, the agency said.

Coamci is is a wholly owned subsidiary of China Orient Asset Management Co., Ltd. and is the parent's major offshore financing and operating arm.

Coamci's ratings are one notch lower than the parent company because Fitch said it believes the overall linkage between the companies is very strong, but the subsidiary has weaker credit quality.

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