Fitch rates Wuxi Construction notes BBB+

Fitch Ratings said it assigned an expected BBB+ rating to Wuxi Construction and Development Investment Co., Ltd.'s proposed senior unsecured dollar-denominated notes.

The proposed notes will be issued by Xihui Haiwai I Investment Holdings Co., Ltd., a wholly owned subsidiary of Wuxi Construction, Fitch said.

Wuxi will provide an unconditional and irrevocable guarantee on the proposed notes, the agency said.

The proceeds will be used for refinancing and general corporate purposes, S&P said.

The proposed notes are rated at the same level as Wuxi's long-term issuer default rating because of its unconditional and irrevocable guarantee on the proposed notes, which will constitute its direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu with all of its other present and future unsecured and unsubordinated obligations.

Any change in Wuxi's issuer default ratings will result in a similar change in the rating of the notes, Fitch said.

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