Fitch rates Yiwu State-Owned notes BBB

Fitch Ratings said it rated the planned dollar-denominated notes Yiwu State-Owned Capital Operation Co., Ltd. (Ywscoc) will guarantee BBB. Ywscoc's wholly owned subsidiary, Chouzhou International Investment Ltd., will sell the notes.

“The proposed bonds are rated at the same level as Ywscoc's issuer default rating (IDR) because the direct guarantee structure transfers the ultimate responsibility of payment to Ywscoc,” the agency said in a press release.

The proceeds will be used for refinancing offshore debt.

The outlook is stable.

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