Fitch: Huarong Finance notes A

Fitch Ratings said it assigned final ratings of A to Huarong Finance II Co. Ltd.’s $500 million of 2 7/8% senior unsecured notes due 2018, $500 million of 3¾% senior unsecured notes due 2020 and $800 million of 5% senior unsecured notes due 2025 issued under a $5 billion medium-term note program.

The proceeds will be used as working capital and for general corporate purposes.

The assignment of the final ratings follows the receipt of documents conforming to information already received, Fitch said.

The notes will be unconditionally and irrevocably guaranteed by China Huarong International Holdings Ltd., a wholly owned subsidiary of China Huarong. The notes will be senior unsecured obligations of Huarong International and rank pari passu with all other senior unsecured obligations of Huarong International, the agency said.

In place of a guarantee, China Huarong has granted a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking to ensure that Huarong International has sufficient assets and liquidity to meet its obligations under the guarantee, Fitch said.

© 2015 Prospect News.
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