Fitch assigns B/RR4 to Golden Wheel notes

Fitch Ratings said it assigned Golden Wheel Tiandi Holdings Co. Ltd.’s (B/stable) proposed dollar-denominated senior notes a B(EXP) expected rating and a recovery rating of RR4.

Fitch said the notes are rated at the same level as Golden Wheel’s senior unsecured rating because they constitute its direct and senior unsecured obligations.

The company intends to use the net proceeds to refinance existing debt, fund new property projects and for general corporate purposes.

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