Fitch affirms Weifang Urban Construction

Fitch Ratings said it affirmed Weifang Urban Construction and Development Investment Group Co., Ltd.'s long-term foreign- and local-currency issuer default ratings of BBB-. The outlook is stable.

The company’s $250 million 6˝% senior bonds due 2021 were affirmed at BBB-.

The agency said Weifang Urban Construction’s ratings are assessed under its government-related entities rating criteria, reflecting very strong government ownership and control, strong support record and expectations as well as a strong government incentive to provide support, based on the company’s status as Weifang's largest policy government-related entity and strategic platform for infrastructure development and public service.

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