Fitch gives Yuyao Shuncai notes BBB-

Fitch Ratings said it gave Yuyao Shuncai Investment Holding Co., Ltd.'s planned dollar-denominated bond a rating of BBB-.

Indirect subsidiary Shun Xin International Development Co. Ltd. will issue the notes that will be guaranteed by Yuyao Shuncai.

“The proposed bonds are rated at the same level as YSIH's issuer default rating (IDR) because the direct guarantee structure transfers the ultimate responsibility of payment to YSIH,” Fitch said in a press release.

The outlook is stable.

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