Fitch rates Nine Dragons notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to the proposed senior unsecured notes to be issued by Nine Dragons Paper (Holdings) Ltd. The final rating is contingent upon receipt of final documents.

Fitch said it assigned Nine Dragons a long-term foreign-currency issuer default rating of BBB- with stable view. The ratings are supported by Nine Dragons' strong market position as the largest containerboard producer in China, favorable regulatory environment, established 13-year track record and the company's cost efficiency, Fitch said.

The ratings are constrained by raw material price increases and supply risk, the agency said, and the company's aggressive capital expenditure program.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.