Fitch gives A- to Guangzhou Finance bond

Fitch Ratings said it assigned Guangzhou Finance Holdings Group Co. Ltd.'s planned guaranteed bonds an A- rating. Wholly owned subsidiary Guang Ying Investment Ltd., will issue the bonds, which will be guaranteed by GZFH.

The bonds are rated at the same level as GZFH's issuer default rating because the direct guarantee structure transfers the ultimate payment responsibility to GZFH, the agency said.

The proceeds will be used for refinancing and general corporate purposes.

The outlook is stable.

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