Fitch gives BBB- to GHAT notes

Fitch Ratings said it assigned Gansu Provincial Highway Aviation Tourism Investment Group Co., Ltd.'s (GHAT, BBB-/stable) proposed euro-denominated notes an expected rating of BBB-(EXP).

The offshore notes will be issued directly by GHAT.

The proposed notes are rated at the same level as GHAT's long-term foreign-currency issuer default ratings because they will constitute its direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other present and future unsecured and unsubordinated obligations, Fitch explained.

Net proceeds will be used for funding highway development projects as well as for working capital and general corporate purposes.

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