Fitch rates Binhai bonds BBB-

Fitch Ratings said it assigned Binhai Investment Co. Ltd.’s (BBB-/negative) proposed dollar-denominated bonds an expected rating of BBB-(EXP).

The bonds are rated at the same level as Binhai’s senior unsecured rating as they represent the unconditional, unsecured and unsubordinated obligations of the company.

Proceeds will be used to refinance its $200 million bond, which will mature in May 2018, invest in potential projects and for general corporate purposes.

Fitch said Binhai's issuer default ratings incorporate a two-notch uplift for potential support from its immediate parent, TEDA Investment Holding Co. Ltd., which owns 63% of Binhai, and its ultimate parent, China's Tianjin municipality. TEDA is wholly owned by the Tianjin municipality.

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