Fitch rates Wuxi Construction notes BBB+

Fitch Ratings said it assigned Wuxi Construction and Development Investment Co., Ltd.'s planned dollar-denominated senior unsecured notes a BBB+ rating. Wholly owned subsidiary Xihui Haiwai I Investment Holdings Co., Ltd. will sell that notes that will be guaranteed by Wuxi Construction.

“The proposed notes are rated at the same level as WCDI's issuer default ratings. This is because WCDI provides an unconditional and irrevocable guarantee to the proposed notes, which will constitute its direct, unconditional, unsubordinated and unsecured obligations and at all times rank pari passu with all its other unsecured and unsubordinated obligations,” Fitch said in a press release.

The proceeds will be used to refinance of WCDI's indebtedness under the company's green finance framework.

The outlook is stable.

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