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Fitch assigns Sichuan bond A-
Fitch Ratings said it assigned Sichuan Development Holding Co., Ltd.'s planned dollar-denominated senior unsecured notes a rating of A-. The notes will be issued by SDH's wholly owned offshore subsidiary, Yieldking Investment Ltd., under its $2 billion medium-term note program.
Yieldking Investment is 100%-owned by SDH through its primary offshore financing and investment platform, Sichuan Development International Holding Co. Ltd. (SDIH). SDH is the provincial government's sole capital operator.
Proceeds will be used for general corporate purposes and refinancing offshore debt.
The notes sold under the MTN program are guaranteed by SDIH.
The outlook is stable.
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