Fitch gives Ganzhou notes BBB-

Fitch Ratings said it gave Ganzhou Development Investment Holding Group Co., Ltd.'s planned U.S. dollar senior notes a rating of BBB-.

“The proposed bonds are rated at the same level as GDIH's issuer default rating (IDR) because the direct issuance structure implies that the ultimate responsibility of payment lies with GDIH,” Fitch said in a press release.

The proceeds will be used for project investment and to supplement working capital.

The outlook is stable.

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