Fitch rates Beijing Infrastructure notes A+

Fitch Ratings said it assigned an expected rating of A+ to Beijing Infrastructure Investment Co., Ltd.'s proposed dollar-denominated senior unsecured notes.

The proposed notes will be issued under the company's $6 billion medium-term note program, which is rated at A+.

The proceeds will be used primarily for the development of Beijing's urban railway transit system, refinancing purposes, working capital and general corporate purposes, Fitch said.

The proposed notes will be issued by Eastern Creation II Investment Holdings Ltd. and are unconditionally and irrevocably guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd., a wholly owned subsidiary of Beijing Infrastructure, the agency explained.

The notes will be senior unsecured obligations and rank pari passu with all its other obligations, Fitch said.

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