Fitch rates Midea notes A-

Fitch Ratings said it assigned a final rating of A- to Midea Investment Development Co. Ltd.'s $700 million 2 3/8% notes due 2019.

The final rating is in line with the expected rating assigned in May, Fitch said.

Midea Investment is a wholly owned subsidiary of Midea Group Co., Ltd., which provides an unconditional and irrevocable guarantee for the dollar-denominated notes issued under Midea medium-term note program, the agency said.

The dollar notes are rated at the same level as Midea's senior unsecured rating to reflect this guarantee, Fitch said.

The ratings are driven by the company's position as an innovative leading Chinese consumer appliance maker, its broad product and geographical diversification, strong distribution and sales network and positive long-term industry outlook, the agency said.

The ratings also consider Midea's limited international brand value and the cyclicality of the industry, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.