Fitch rates Yunnan Provincial notes BBB

Fitch Ratings said it assigned Yunnan Provincial Energy Investment Group Co., Ltd.'s (BBB/stable) proposed dollar notes an expected rating of BBB.

The proposed notes will be issued by Yunnan Energy Investment Overseas Finance Co. Ltd., which is fully owned by Yunnan Provincial, and unconditionally and irrevocably guaranteed by Yunnan Provincial.

Proceeds will be used to refinance debt, replenish working capital and for general corporate purposes.

The agency said the ratings are linked to, but not equalized with, Fitch's internal assessment of the creditworthiness of Yunnan province, as per the agency's government-related entities rating criteria.

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