Fitch rates Yiwu State-Owned notes BBB

Fitch Ratings said it assigned Yiwu State-Owned Capital Operation Co., Ltd.'s proposed dollar-denominated senior notes a rating of BBB. The proposed notes are to be sold by Yiwu's wholly owned subsidiary, Chouzhou International Investment Ltd. and will be unconditionally guaranteed by Yiwu.

The proposed guaranteed bonds will constitute YWSCOC's direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with other unsecured and unsubordinated obligations. Bond proceeds will be used for general corporate purposes.

The proposed bonds are rated at the same level as Yiwu's issuer default rating because the direct guarantee structure transfers the ultimate responsibility of payment to Yiwu.

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