Fitch rates eHi Car notes BB-

Fitch Ratings said it assigned a final rating of BB- to eHi Car Services Ltd.’s $200 million 7½% senior notes due 2018.

The final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned in November.

The notes are rated at the same level as eHi’s senior unsecured rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, the agency said.

Fitch said it expects eHi to expand its fleet size to 38,000 vehicles by the end of 2015 from 19,746 at year-end 2014 after having raised $304 million from an initial public offering in November 2014 and other sources.

The near-doubling of its fleet in 2015 follows a 71% increase in 2014. This rapid increase in business scale drove revenue 50% higher to ¥851 million in 2014 and revenue is likely to reach ¥1.5 billion in 2015, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.