Fitch rates Ming Yang bonds A

Fitch Ratings said it assigned an A rating to Ming Yang Smart Energy Group Ltd.'s planned dollar-denominated credit-enhanced bonds. The notes will be issued by fully owned subsidiary MingYang Smart Energy (BVI) Co. Ltd. and include a keepwell deed from MYSE.

The Bank of China Ltd.’s Guangdong branch will provide a standby letter of credit as a credit enhancement. “The note is rated at the same level as BOC's long-term issuer default rating (IDR) as the bank is bound by the agreements made by its branches and thus the transaction is considered a senior unsecured obligation of BOC,” Fitch said in a press release.

The proceeds will be used for project construction and procurement related to the Tongliao Kailu 600 megawatt wind power project in accordance with the company's green finance framework.

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