Fitch gives Sfund bonds A-

Fitch Ratings said it gave Guangzhou Industrial Investment Fund Management Co., Ltd.'s (Sfund) planned guaranteed senior unsecured bonds an A- rating. Vertex Capital Investment Ltd. will issue the bonds that will be guaranteed by Sfund.

“The proposed bonds are rated at the same level as Sfund's issuer default ratings (IDR), as they will constitute its unsubordinated, unconditional and unsecured obligations and will at all times rank pari passu with all its other present and future unsecured and unsubordinated obligations,” Fitch said in a press release.

Proceeds are intended for refinancing and general corporate purposes.

The outlook is stable.

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