Fitch rates Wuhan Metro securities A-

Fitch Ratings said it assigned an expected rating of A- to Wuhan Metro Group Co., Ltd.'s proposed dollar-denominated senior perpetual securities.

The securities will be issued by Wuhan Metro Group directly.

The proceeds will be used for financing certain eligible green projects.

The perpetual securities are credit-linked to and rated one notch lower than Wuhan's issuer default rating, Fitch said.

Although the securities are unsubordinated, the one-notch difference reflects that the company may decide to prioritize senior unsecured debt when extraordinary support is needed, the agency said.

The securities will be direct, unsubordinated, unsecured and unconditional obligations of Wuhan Metro despite their perpetual nature, Fitch said, and will rank pari passu with other present and future unsecured unsubordinated obligations.

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