Fitch rates Shangyu Urban bonds BBB-

Fitch Ratings said it assigned a rating of BBB- to Shaoxing Shangyu Urban Construction Group Co., Ltd.'s planned senior unsecured dollar-denominated bonds.

Wholly owned subsidiary Shangyu Urban Construction Hong Kong Co. Ltd. will issue the bonds, which the parent will guarantee.

The rating is at the same level as Shaoxing Shangyu’s issuer rating because the direct guarantee structure transfers the ultimate payment responsibility to it, Fitch said.

Proceeds will be used for refinancing offshore debt.

The outlook is stable.

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