Fitch rates Jimo Tourism bonds BBB-

Fitch Ratings said it assigned Qingdao Jimo District Urban Tourism Development and Investment Co. Ltd.'s (BBB-/stable) proposed U.S. dollar senior unsecured bonds a rating of BBB-.

The proposed bonds will be issued by Jingming Yuantong Development Investment (BVI) Co., Ltd., a wholly owned subsidiary of Jimo Tourism, and will be irrevocably and unconditionally guaranteed by Jimo Tourism.

Proceeds will be used for Jimo Tourism's project developments and working capital replenishment, Fitch said.

Jimo Tourism is wholly owned by the Jimo State-owned Assets Operation and Service Centre and ultimately by the Jimo District government in Qingdao municipality, Shandong province.

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