Fitch rates Zhengzhou Real Estate bonds BBB+

Fitch Ratings said it assigned Zhengzhou Real Estate Group Co., Ltd.’s proposed dollar-denominated bonds an expected rating of BBB+.

Zhengzhou will offer the bonds directly, which will be direct, unconditional, unsubordinated and unsecured obligations and will rank equally with other present and future unsecured and unsubordinated obligations.

Proceeds will be used for repaying domestic debt, replenishing operating capital and project development.

Zhengzhou is a government-related entity. Fitch assigned first-time long-term foreign- and local-currency issuer default ratings of BBB+.

The outlook is stable.

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