Fitch: Yunnan Metropolitan Construction notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to Yunnan Metropolitan Construction Investment Group Co., Ltd.’s $500 million 3 1/8% senior unsecured notes due 2019.

The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned in June, Fitch said.

The notes were issued in the offshore market and by the company’s wholly owned subsidiary, Caiyun International Investment Ltd., the agency said.

Yunnan Metropolitan Construction is providing an unconditional and irrevocable guarantee to the proposed notes, Fitch said. The notes will be senior unsecured obligations of Yunnan Metropolitan Construction and rank pari passu with all other obligations.

The proceeds will be used for general corporate purposes, the agency said.

Yunnan Metropolitan Construction’s ratings are credit linked, but not equalized with those of Yunnan province because of its strategic importance to the provincial government, Fitch said.

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