Fitch: Weichai Power notes BBB

Fitch Ratings said it assigned a final rating of BBB to Weichai Power Co., Ltd.’s $400 million 4 1/8% senior unsecured notes due 2020.

The notes are issued by Weichai International Hong Kong Energy Group Co., Ltd. and unconditionally and irrevocably guaranteed by Weichai.

The proceeds of the proposed issue will be used to repay bank borrowings related to the group’s offshore operations, the agency said.

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

Weichai is the largest manufacturer of heavy-duty truck engines in China and forklifts in Europe, Fitch said.

The company has a well-balanced business portfolio in terms of product mix, geographic exposure and end-market exposure, the agency said.

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