Fitch rates CSSC bonds A

Fitch Ratings said it assigned an expected rating of A to CSSC (Hong Kong) Shipping Co. Ltd.'s planned senior unsecured dollar-denominated green bonds. The notes are to be issued by CSSC Capital 2015 Ltd., CSSC HK Shipping's wholly owned offshore special-purpose vehicle registered in the British Virgin Islands.

“The expected rating is in line with CSSC HK Shipping's long-term issuer default rating (IDR) as the proposed notes will be unconditionally and irrevocably guaranteed by CSSC HK Shipping and will at all times rank pari passu with all its other direct, unsubordinated, unconditional and unsecured obligations, except for certain obligations required to be preferred by law or as otherwise provided in the terms and conditions of the bonds,” Fitch said in a press release.

The proceeds will be used to develop the company's leasing business, including financing or refinancing expenditure on eligible green and blue projects under the issuer’s green finance framework, as well as the refinancing of indebtedness and for general corporate purposes.

The outlook is stable.

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