Fitch rates NYSI notes A-

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

The proposed offshore bonds will be issued by Xi Yang Overseas Ltd., a wholly owned subsidiary of NYSI, Fitch said.

The company will provide an unconditional and irrevocable guarantee to the proposed bonds.

The proposed offshore bonds are rated at the same level as NYSI's issuer default rating as they represent unsubordinated and unsecured obligations of NYSI, Fitch said, and rank at least pari passu with all NYSI's other present and future unsecured obligations.

The proceeds of the bonds will be used for repayment of existing debt and funding of onshore projects, the agency said.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.