Fitch assigns BBB+ to Jinjiang bonds

Fitch Ratings said it assigned Jinjiang International Holdings Co., Ltd. a long-term foreign-currency issuer default rating of BBB+.

Fitch has also assigned Jinjiang a senior unsecured rating of BBB+.

“Fitch rates Jinjiang, the world’s second-largest hotel group, using a top-down approach from our internal assessment of the credit profile of the company’s parent, the Shanghai government, in line with our government-related entities rating criteria,” the agency said in a press release.

The agency also assigned a BBB+ to the proposed euro-denominated senior unsecured bonds to be sold by subsidiary Pterosaur Capital Co. Ltd., which will be guaranteed by Jinjiang.

Proceeds will be used to refinance Jinjiang’s offshore debt.

The outlook is stable.

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