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Fitch affirms Fujian Zhanglong
Fitch Ratings said it affirmed Fujian Zhanglong Group Co., Ltd.'s long-term foreign and local currency issuer default ratings at BB+.
The outlook is stable.
The ratings on its guaranteed $400 million senior unsecured bonds, which were issued by Zhanglong's wholly owned subsidiary, Full Dragon (Hong Kong) International Development Ltd., and its $500 million senior unsecured notes were affirmed at BB+.
The agency said the affirmation takes into consideration Fitch's internal assessment of the local government's ability to support the issuer, and the incentive to provide support if needed, due to the ownership and control status, support track record and expectations and the implications of a default by the company.
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