Fitch rates Taizhou Huaxin notes BB+

Fitch Ratings said it gave Taizhou Huaxin Pharmaceutical Investment Co., Ltd.’s proposed dollar-denominated notes a BB+ rating.

The notes will be issued by Huaxin Pharmaceutical (Hong Kong) Co., Ltd., a wholly owned subsidiary of Taizhou.

Taizhou will guarantee the notes, which will rank equally with its other unsecured debt. As a result, Fitch equalizes the notes’ rating with Taizhou’s BB+ issuer default rating.

The proceeds will be used for repaying overseas debt.

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