Fitch rates eHi notes B

Fitch Ratings said it assigned B/RR4 ratings to eHi Car Services Ltd.’s planned dollar-denominated notes. Concurrently, the agency placed eHi’s B long-term issuer default rating and senior unsecured rating of B with an RR4 recovery rating on rating watch positive.

This follows eHi's announcement of a cash tender and concurrent new issuance to refinance part of the $400 million of 5 7/8% bonds due in August 2022.

“The proposed notes are rated at the same level as eHi's senior unsecured rating because they will constitute its direct and senior unsecured obligations,” Fitch said in a press release. The new notes’ rating is also on positive watch.

The positive watch reflects the potential improvement in eHi's debt maturity profile if the company successfully refinances a significant portion of its August 2022 bond with the planned notes, the agency said.

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