Fitch rates Yuyao Shuncai bond BBB-

Fitch Ratings said it assigned Yuyao Shuncai Investment Holding Co., Ltd.'s planned dollar-denominated bonds a BBB- rating.

The bonds will be issued by Yuyao Economic Development Zone Construction Investment and Development Co., Ltd., which is wholly owned by YSIH. YSIH will guarantee the bond.

“The proposed bonds are rated at the same level as YSIH's issuer default rating (IDR) because the direct guarantee structure transfers the ultimate responsibility of payment to YSIH,” Fitch said in a press release.

The proceeds will be used for refinancing offshore bonds.

The outlook is stable.

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