Fitch gives Yiwu State-Owned notes BBB

Fitch Ratings said it assigned Yiwu State-Owned Capital Operation Co., Ltd.'s (BBB/stable) proposed dollar-denominated senior notes a BBB(EXP) expected rating.

The notes are to be issued by wholly owned subsidiary, Chouzhou International Investment Ltd., and will be unconditionally and irrevocably guaranteed by Yiwu State-Owned.

The notes will constitute Yiwu State-Owned’s direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other present and future unsecured and unsubordinated obligations.

Proceeds will be used for key infrastructure construction projects and general corporate purposes.

Fitch said the notes are rated at the same level as Yiwu State-Owned’s issuer default rating because the direct guarantee structure transfers the ultimate responsibility of payment to Yiwu State-Owned.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.