Fitch rates Hong Kong Greater Bay notes B-

Fitch Ratings said it assigned Guangdong-Hong Kong Greater Bay Area Holdings Ltd.'s planned senior unsecured notes an expected rating of B- with an RR4 recovery rating. The notes are being offered in exchange for its $293.5 million notes due December 2021 and as new issuance.

“Fitch does not consider Ghkgba's bond exchange offer a distressed debt exchange (DDE) based on our DDE rating criteria, as the offer does not appear to impose a material reduction in terms compared with the original terms,” the agency said in a press release.

“Ghkgba's notes are rated at the same level as its senior unsecured rating because they constitute its direct, unsubordinated and senior unsecured obligations under a guarantee,” Fitch said in a press release.

Ghkgba intends to use the proceeds primarily for refinancing debt.

The outlook is stable.

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