Fitch Rates Yantai Guofeng bond BBB+

Fitch Ratings said it assigned Yantai Guofeng Investment Holdings Group Co., Ltd.'s planned senior unsecured U.S. dollar bonds a BBB+ rating. Wholly owned subsidiary Junfeng International Co., Ltd. will sell the bonds.

“The bonds are rated at the same level as YTGF's issuer default rating (IDR) as YTGF will provide an unconditional and irrevocable guarantee for the proposed bonds. The proposed bonds will constitute direct, unconditional, unsubordinated and unsecured obligations of YTGF and shall, at all times, rank pari passu with all other present and future unsecured and unsubordinated obligations of YTGF,” Fitch said in a press release.

The proceeds will be used for project construction and replenishing working capital.

The outlook is stable.

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