Fitch assigns Wuxi notes BBB

Fitch Ratings said it published BBB long-term foreign- and local-currency issuer default ratings on Wuxi Industry Development Group Co., Ltd.

The outlook is stable.

Fitch also said it assigned an expected BBB rating on the company's proposed dollar-denominated senior unsecured notes.

The proposed notes will be issued by Si Fa Investment Ltd., a wholly owned subsidiary of Wuxi Industry, the agency said.

Wuxi will provide an unconditional and irrevocable guarantee on the proposed notes, which will constitute its direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu with all its other present and future unsecured and unsubordinated obligations, Fitch said.

The proceeds will be used to refinance debt and for general corporate purposes, the agency said.

The company is wholly owned by the Wuxi municipal government, which appoints its board members, approves its major decisions and monitors its financing plans and debt levels, Fitch said.

Wuxi is a major government-related entity with a strong government support record, the agency said.

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