Fitch rates Tianjin Infrastructure notes A

Fitch Ratings said it assigned a long-term foreign- and local-currency issuer default rating of A to Tianjin Infrastructure Construction & Investment (Group) Co., Ltd.

The outlook is stable.

Fitch also said it assigned an expected rating of A to its proposed senior unsecured dollar-denominated notes.

The proceeds will be for general corporate purposes, the agency said.

The proposed dollar notes will rank pari passu with other unsecured and unsubordinated debt obligations of Tianjin Infrastructure, Fitch said.

The assigned rating is to the parent company and not the group subsidiaries which may be rated lower than Tianjin Infrastructure, the agency said.

The ratings are credit-linked to the Tianjin municipality, Fitch said.

This is reflected in 100% state ownership, strong municipal oversight on its financial operations and strategic importance of the entity's operation to the municipality, the agency said.

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