Fitch rates Yinchuan Tonglian bonds BBB

Fitch Ratings said it assigned Yinchuan Tonglian Capital Investment Operation Co., Ltd.’s proposed dollar-denominated senior unsecured offshore bond a rating of BBB.

“Fitch assesses YCTL under our government-related entities rating criteria, reflecting Yinchuan municipality’s full ownership, direct control and strong support record, and the strategic importance of YCTL to the local government. These factors indicate a strong incentive by the government to provide extraordinary support to YCTL, if needed,” Fitch said in a press release.

The outlook is stable.

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