Fitch affirms Nanjing Yangzi

Fitch Ratings said it affirmed Nanjing Yangzi State-owned Investment Group Co., Ltd.'s long-term foreign- and local-currency issuer default ratings of A- with a stable outlook.

The agency also affirmed the A- long-term foreign-currency ratings on the company’s $300 million 3 5/8% senior unsecured notes due 2022 and $200 million 4½% senior unsecured notes due 2027.

Fitch said the ratings are closely credit-linked to China's Nanjing municipality. The agency’s view is based on Nanjing Yangzi’s 100% government ownership and control as well as the high strategic importance of the entity's operation to the municipality.

Nanjing Yangzi’s strong operational ties with the municipality result in a high likelihood of extraordinary support, if needed. Hence, the agency explained, Nanjing Yangzi is classified as an entity under Fitch's criteria for government-related entities (GREs).

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