Fitch rates Changde Urban bond A+

Fitch Ratings said it assigned Changde Urban Construction and Investment Group Co., Ltd.'s (CUCI) U.S. dollar credit-enhanced bond an A+ rating.

The bond will benefit from an irrevocable standby letter of credit provided by Postal Savings Bank of China Co., Ltd., which Fitch rates A+.

CUCI will use the proceeds to refinance the bond that expired in 2023.

The outlook is stable.

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