Fitch rates Jinan City bonds BBB+

Fitch Ratings said it assigned a BBB+ rating to Jinan City Construction Group Ltd. Co.'s planned senior unsecured dollar-denominated notes. The notes will be issued by Jinan Urban Construction International Investment Co., Ltd., which is an indirect, partially owned subsidiary of Jinan City Construction.

“JCCG will provide an unconditional and irrevocable guarantee on the proposed notes, which will rank equally with all its other present and future unsecured and unsubordinated obligations. The proposed bonds are rated at the same level as JCCG's issuer default rating (IDR) because the direct guarantee structure transfers the ultimate responsibility of payment to JCCG,” Fitch said in a press release.

Proceeds will be used for repaying offshore debt.

The outlook is stable.

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