Fitch rates Jiangsu NewHeadLine notes BB+

Fitch Ratings said it assigned a final rating of BB+ to Jiangsu NewHeadLine Development Group Co., Ltd.'s $100 million 6.2% senior unsecured notes due 2019.

The assignment of the final ratings follows the receipt of documents conforming to information already received, Fitch said.

The final ratings are in line with the expected ratings assigned in August, the agency said.

The notes are issued by Jiangsu NewHeadLine’s wholly owned subsidiary, Zhiyuan Group (BVI) Co., Ltd., Fitch said. The notes also are unconditionally and irrevocably guaranteed by HK Zhiyuan Group Ltd., also a wholly owned subsidiary of Jiangsu NewHeadLine, the agency said.

The notes are senior unsecured obligations and rank pari passu with all its other obligations.

Jiangsu NewHeadLine has granted deeds in place of a guarantee to ensure HK Zhiyuan has sufficient assets and liquidity to meet its obligations under the guarantee for the notes, Fitch said.

The notes are rated at the same level as the company’s issuer default rating due to the strong link between Jiangsu NewHeadLine and HK Zhiyuan and because the deeds that transfer the ultimate responsibility of payment to Jiangsu NewHeadLine, the agency said.

The ratings are credit-linked to the Lianyungang municipality located in China's northeastern Jiangsu province, Fitch 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.