Fitch rates China Jianyin notes A+

Fitch Ratings said it assigned China Jianyin Investment Ltd.'s (A+/stable) proposed dollar-denominated senior unsecured notes an expected rating of A+.

The notes will be issued by China Jianyin’s offshore special-purpose entity, Xingsheng (BVI) Co. Ltd.

The proposed notes will be unconditionally and irrevocably guaranteed by JIC Leasing Co., Ltd., a 75% owned subsidiary of China Jianyin.

The proposed notes will be JIC Leasing's senior unsecured obligations and rank pari passu with all its other obligations, Fitch said.

Note proceeds will be used for refinancing and general corporate purposes.

“The proposed notes are rated at the same level as JIC's issuer default rating in light of the strong link between JIC Leasing and JIC and because the keepwell deed transfers the ultimate responsibility of payment to JIC,” the agency said in a news release.

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