Fitch ups Nanjing Jiangbei

Fitch Ratings said it boosted its ratings for Nanjing Jiangbei New Area Industrial Investment Group and its senior unsecured notes to BBB+ from BBB. The two series of notes, one due in May and the other in August, were issued by subsidiary Industrial Investment Overseas Ltd. The agency also removed all ratings from under criteria observation.

The upgrade reflects the change in the agency’s parent and subsidiary linkage, Fitch said.

Jiangbei is 45.59%-owned by Nanjing Yangzi State-owned Assets Investment Group Co., Ltd. (NYSI), which the agency rates A-, with the rest owned by the Management Committee of Jiangbei New Area of Nanjing Municipality (Jnamc, 42.84%) and other financial investors (11.57%). Jnamc is also NYSI's 100% parent.

The outlook is stable.

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