Fitch cuts Yunnan Provincial Investment, off watch

Fitch Ratings said it downgraded Yunnan Provincial Investment Holdings Group Co. Ltd.’s $600 million of bonds due 2022 to BBB from BBB+. The notes were issued by Bi Hai Co., Ltd., an offshore special-purpose entity based in the British Virgin Islands that is wholly owned by Yunnan and guaranteed by it.

Fitch also downgraded the company’s long-term foreign- and local-currency issuer default ratings to BBB from BBB+.

The downgrades follow a review conducted under revised criteria Fitch published on April 9.

The ratings watch negative issue has been resolved, the agency said.

The outlook is stable.

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