Fitch affirms Xuzhou Economic notes

Fitch Ratings said it affirmed Xuzhou Economic and Technology Development Zone State-Owned Assets Management Co., Ltd.'s long-term foreign and local currency issuer default ratings at BB with a stable outlook.

Fitch also affirmed the BB rating of the $250.95 million 4½% notes due 2019 issued by wholly owned subsidiary Xuzhou Economic and Technology Development Zone International Investment Co., Ltd., and the $400 million 6¾% notes due 2021 issued by another wholly owned subsidiary, Jinshine International Co., Ltd.

The agency said the ratings are assessed under Fitch's government-related entities rating criteria, reflecting the Xuzhou municipality's ownership via the Xuzhou ETZ management committee, and the municipality's control and support of the company, as well as the socio-political and financial impact on the government if the company defaults.

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