Fitch assigns Qingdao Conson notes BBB+

Fitch Ratings said it assigned Qingdao Conson Development (Group) Co., Ltd.’s proposed U.S. dollar senior unsecured notes a rating of BBB+. The notes will be issued by Haitian (BVI) International Investment Development Ltd., a wholly owned subsidiary of Qingdao Conson.

The notes are rated at the same level as Qingdao Conson’s issuer default rating because it will guarantee the notes. They will constitute its direct, unsubordinated, unconditional and unsecured obligations and will at all times rank pari passu with all other unsecured and unsubordinated obligations of Qingdao Conson.

The proceeds will be used to refinance offshore debt and for overseas investment and working capital.

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