Fitch rates China Jinmao notes BBB-

Fitch Ratings said it assigned China Jinmao Holdings Group Ltd.’s (BBB-/stable) proposed U.S. dollar-denominated senior notes a rating of BBB-.

The proceeds will be used to refinance existing medium- to long-term debt due within one year.

The proposed notes will be issued by Jinmao's wholly owned subsidiary, Franshion Brilliant Ltd., and will be unconditionally and irrevocably guaranteed by Jinmao.

Fitch said it applies a one-notch uplift to Jinmao's stand-alone credit profile due to moderate linkage with its parent, state-owned Sinochem Hong Kong (Group) Co. Ltd. (Sinochem HK, A/stable).

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