Fitch rates Zhongyuan Yuzi notes A-

Fitch Ratings said it assigned Zhongyuan Yuzi Investment Holding Group Co., Ltd.'s (A-/stable) proposed dollar-denominated senior unsecured guaranteed notes an expected rating of A-(EXP).

The notes will be issued by Zhongyuan Sincere Investment Co. Ltd., Zhongyuan Yuzi's indirectly wholly owned subsidiary, and unconditionally and irrevocably guaranteed by Zhongyuan Yuzi.

Net proceeds will be invested in the One-hundred City Construction Project in China's Henan province and used for refinancing and general corporate purposes.

The proposed notes are rated at the same level as Zhongyuan Yuzi's issuer default rating because the direct guarantee structure transfers the ultimate responsibility of payment to Zhongyuan Yuzi. The proposed notes will constitute Zhongyuan Yuzi's unconditional, unsubordinated and unsecured obligation.

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