Fitch rates China Cinda notes A

Fitch Ratings said it assigned an expected rating of A to China Cinda Asset Management Co., Ltd.'s proposed senior unsecured dollar-denominated notes.

The proposed notes will be issued by China Cinda Finance (2017) I Ltd. (Cinda Finance I) under its dollar-denominated medium-term note program.

The proceeds of the proposed notes will be used for working capital, investment and other general corporate purposes, Fitch said.

Cinda Finance I is an offshore special purpose vehicle wholly owned indirectly by Cinda.

The notes issued by Cinda Finance I will be unconditionally and irrevocably guaranteed by China Cinda (HK) Holdings Co. Ltd., a wholly owned subsidiary of Cinda.

The notes guaranteed by Cinda HK will be senior unsecured obligations of Cinda HK and rank pari passu with all other unsecured and unsubordinated obligations, Fitch said.

Cinda has granted a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking to ensure that Cinda HK and Cinda Finance I have sufficient assets and liquidity to meet their respective obligations under the notes, the agency said.

The notes are rated at the same level as Cinda's issuer default rating, given the strong links between Cinda HK and Cinda, Fitch said.

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