Fitch rates Tianjin Free Trade notes BBB+

Fitch Ratings said it assigned an expected BBB+ rating to Tianjin Free Trade Zone Investment Holding Group Co., Ltd.'s proposed $500 million notes.

The proposed notes are to be issued by Hongkong Baorong Development Ltd., and will be unconditionally and irrevocably guaranteed by Tianjin Free Trade, Fitch said.

The proposed notes will constitute Tianjin Free Trade's direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other present and future unsecured and unsubordinated obligations, the agency said.

The proceeds will be used for refinancing, working capital and general corporate purposes, Fitch said.

The notes are rated at the same level as Tianjin Free Trade's issuer default rating because the direct guarantee structure transfers the responsibility of payment to Tianjin Free Trade, the agency noted.

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