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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.
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