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Published on 2/24/2020 in the Prospect News Emerging Markets Daily.

Fitch rates Hong Yang notes B+

Fitch Ratings said it assigned Hong Yang Group Co. Ltd.'s proposed dollar-denominated senior notes a rating of B+ and recovery rating of RR4. The notes will be issued by Hong Seng Ltd., a wholly owned subsidiary of Hong Yang.

The proposed notes are rated at the same level as Hong Yang's senior unsecured rating as they will be guaranteed by the company. Hong Yang plans to use the proceeds to refinance debt and for general corporate purposes.


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