Fitch: Shaoxing City Investment notes BBB+

Fitch Ratings said it published a BBB+ rating on Shaoxing City Investment Group Ltd.’s $300 million 4¾% senior unsecured notes due 2019.

The notes are issued by its wholly owned subsidiary Shaoxing City Investment (HK) Ltd.

The notes are rated at the same level as Shaoxing City Investment Group’s issuer default rating given the strong link between the companies and due to responsibility deeds, Fitch said.

The agency also said it believes Shaoxing City Investment Group intends to maintain its reputation and credit profile in the international offshore market and is unlikely to default on its offshore obligations.

The ratings also are credit linked to Shaoxing municipality, which is located in Zhejiang province, one of the strongest economic regions in China, Fitch said.

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