Fitch rates HBIS notes BBB+

Fitch Ratings said it assigned a rating of BBB+ to HBIS Group Hong Kong Co., Ltd.’s proposed dollar-denominated notes. The company is wholly owned by HBIS Group Co., Ltd., which will unconditionally guarantee the notes. Proceeds will be used for refinancing HBIS' debt outside of China.

“HBIS' ratings are derived from Fitch's internal assessment of the creditworthiness of China's Hebei province, based on the agency's top-down approach in line with our ‘Government-Related Entities Rating Criteria.’ The top-down approach reflects a high likelihood of support from Hebei province to HBIS,” said Fitch in a press release.

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