Fitch rates Hualu notes A-

Fitch Ratings said it assigned Hualu Holdings Co., Ltd.'s planned dollar-denominated senior notes an A- rating.

The notes will be issued by Hualu International Finance (BVI) Ltd., which is a wholly owned subsidiary of Hualu, which will guarantee the notes.

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

Proceeds will be used for Hualu's onshore project construction, development of offshore business, refinancing offshore indebtedness and replenishing working capital.

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