Fitch rates Fujian Yango notes B

Fitch Ratings said it assigned Fujian Yango Group Co., Ltd.'s (B/stable) proposed dollar senior notes an expected rating of B with a recovery rating of RR4.

The proposed notes have an expected rating at the same level as Fujian Yango's senior unsecured rating, as they will represent the company's unconditional and irrevocable obligations, the agency said.

Fujian Yango intends to use the net proceeds from the proposed dollar senior notes to refinance its existing debt, replenish working capital and conduct investment activities, and for general corporate purposes.

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