Fitch gives Zhongsheng notes BBB-

Fitch Ratings said it assigned Zhongsheng Group Holdings Ltd.’s proposed dollar-denominated senior unsecured notes a rating of BBB-.

“The proposed notes will be issued by Zhongsheng Group and are rated at the same level as Zhongsheng Group’s senior unsecured rating, as they will constitute its direct and senior unsecured obligations,” Fitch said in a press release. On July 2, Fitch assigned BBB- issuer default and senior unsecured ratings.

The company plans to use the proceeds for refinancing debt and general working capital purposes.

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