Fitch rates Xi'an Municipal notes BBB

Fitch Ratings said it assigned an expected rating of BBB to Xi'an Municipal Infrastructure Construction Investment Group Corp., Ltd.'s proposed senior unsecured dollar-denominated notes.

The notes will be issued by the company directly and the proceeds will be used for repayment of existing debt, Fitch said.

The proposed notes are rated at the same level as the company's long-term issuer default rating because they will constitute direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu with all its other present and future unsecured and unsubordinated obligations, the agency said.

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