Fitch rates Hanrui notes BB+

Fitch Ratings said it assigned a final rating of BB+ to Hanrui Overseas Investment Co., Ltd.'s $300 million 4.9% 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 June, the agency added.

The offshore notes are unconditionally and irrevocably guaranteed by Hanrui International Investment Co. Ltd., which is a direct, wholly owned subsidiary of Jiangsu HanRui Investment Holding Co., Ltd., Fitch said.

The notes are senior unsecured obligations and rank pari passu with Hanrui International’s other senior unsecured obligations, the agency said.

The proceeds will be used for general corporate purposes.

Hanrui International has granted deeds in place of a guarantee, undertaking to ensure the company has sufficient assets and liquidity to meet its obligations, Fitch said.

The notes are rated at the same level as Hanrui's issuer default ratings due to the strong linkage between Hanrui Overseas and Hanrui International and because of the deeds of guarantee, the agency said.

The ratings also are credit-linked with, but are not equalized to, the Zhenjiang municipality's credit profile, Fitch said.

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