Fitch: Yunnan Provincial unaffected by tap issue

Fitch Ratings said that Yunnan Provincial Energy Investment Group Co., Ltd.'s (BBB/stable) issuance of an additional $400 million 6¼% of senior notes due 2021 on top of the current $200 million will not affect the BBB rating on the existing bond.

The notes are issued by Yunnan Energy Investment Overseas Finance Co. Ltd., which is fully owned by Yunnan Provincial.

“The tap issuance carries the same terms and conditions as the existing notes, which are rated at the same level as YEIG's senior unsecured rating because they constitute its direct and senior unsecured obligations,” Fitch said in a news release.

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

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