Fitch rates Shaoxing City BBB+

Fitch Ratings said it affirmed Shaoxing City Investment Group Ltd.'s long-term foreign- and local-currency issuer default ratings at BBB+ with a stable outlook.

The agency also said it assigned an expected BBB+ rating to the company's proposed senior unsecured dollar notes.

Fitch also said it affirmed the $300 million 4¾% senior unsecured notes due 2019 issued by subsidiary Shaoxing City Investment (HK) Ltd. at BBB+.

Shaoxing City is a major government-related entity that undertakes urban infrastructure development projects within the central area of Shaoxing, the agency said.

The ratings are credit-linked, but not equalized with Shaoxing municipality, Fitch said.

The ratings reflect the company's full municipal ownership and control, strong record and expectations of government support, the agency said.

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