Fitch gives Suzhou SND, bond BBB+

Fitch Ratings said it gave BBB+ ratings to Suzhou SND Group Co. Ltd.’s and its planned senior unsecured dollar-denominated bonds. Subsidiary SND International (BVI) Co., Ltd. will sell the bonds.

The bond rating is linked to Fitch’s internal credit assessment of SND International, based on its parent and subsidiary linkage rating criteria, the agency said. Suzhou SND will provide the proposed bonds with a keepwell and liquidity support deed and deed of equity interest purchase undertaking.

Proceeds will be used for domestic project construction, refinancing debt and replenishing working capital.

The outlook is stable.

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