Fitch gives China Jianyin, notes A+

Fitch Ratings said it assigned China Jianyin Investment Ltd. (JIC) long-term foreign- and local-currency issuer default ratings of A+.

The outlook is stable.

At the same time, the agency assigned JIC's proposed senior unsecured notes an expected rating of A+(EXP).

The notes are to be issued by JIC Zhixin Ltd., JIC's wholly owned subsidiary. JIC will provide an unconditional and irrevocable guarantee on the notes.

Fitch said the issuer default ratings are equalized with those of the China sovereign (A+/stable) to reflect JIC's 100% state ownership, strong state oversight of its financials and the strategic importance of the entity's operation to the state.

“These factors result in a high likelihood of extraordinary state support for JIC, if needed. Therefore, JIC is classified as a credit-linked entity under Fitch's criteria,” the agency explained in a news release.

© 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.