Fitch gives Nanjing Yangzi notes A-

Fitch Ratings said it assigned Nanjing Yangzi State-owned Investment Group Co., Ltd.'s (A-/stable) proposed senior unsecured dollar-denominated notes an expected rating of A-(EXP).

The proposed notes will be directly issued by Nanjing Yangzi and are rated the same level as its issuer default rating.

The notes will rank pari passu with Nanjing Yangzi’s all other unsecured and unsubordinated obligations.

Net proceeds will be used for general corporate purposes.

Fitch said the issuer default rating is credit-linked to, but not equalized with, Nanjing municipality. The agency’s view is based on Nanjing Yangzi’s 100% government ownership and control as well as the high strategic importance of the entity's operation to the municipality. These factors result in a high likelihood of extraordinary support from the municipality, if needed.

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