Fitch rates Bi Hai notes BBB+

Fitch Ratings said it assigned an expected BBB+ rating to Bi Hai Co., Ltd.'s proposed senior unsecured dollar-denominated notes.

Bi Hai is an offshore special-purpose entity based in the British Virgin Islands wholly owned by Yunnan Provincial Investment Holdings Group Co. Ltd., Fitch said.

The proposed notes are rated at the same level as Yunnan's long-term foreign-currency issuer default rating because it will provide an unconditional and irrevocable guarantee on the proposed notes, which will constitute its direct, unsubordinated, unconditional and unsecured obligations and rank pari passu with all its other present and future unsecured and unsubordinated obligations, the agency said.

The proceeds will be used for refinancing Yunnan's offshore dollar-denominated bond and general purposes, Fitch said.

Any change in the issuer default ratings of Yunnan will result in a similar change in the rating of the proposed notes, the agency said.

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