Fitch rates Jiangning Economic, bond BBB

Fitch Ratings said it assigned Nanjing Jiangning Economic & Technological Development Corp. long-term foreign- and local-currency issuer default ratings of BBB. Fitch also assigned a BBB rating to the senior unsecured U.S. dollar bond to be issued by the company's wholly owned offshore subsidiary, Jiangning Jingkai Overseas Investment Co., Ltd. (JJOI).

“The rating of the proposed senior unsecured bond is linked to Fitch's internal credit assessment of JJOI, based on our parent and subsidiary linkage rating criteria. The linkage between NJETDC and JJOI is assessed at strong, underpinned by their strong operational and strategic ties and moderate legal ties. ” Fitch said in a press release.

The proceeds will be used for onshore project development and general corporate purposes.

The outlook is stable.

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