Fitch rates Snton, notes BB+

Fitch Ratings said it assigned Shandong Snton Group Co., Ltd. a long-term foreign-currency issuer default rating of BB+ with a stable outlook and senior unsecured rating of BB+.

The agency also assigned Snton International Finance I (BVI) Co. Ltd.’s (Snton Finance) proposed dollar-denominated senior notes a BB+(EXP) rating. Snton Finance is wholly owned by Snton.

The notes are rated at the same level as Snton's senior unsecured rating as they will be unconditionally and irrevocably guaranteed by Snton.

Fitch said the ratings reflect Snton's stable profitability, which is underpinned by its leading market position in its core business of steel tire cords and moderate business diversification across its four major business segments.

The stable outlook reflects the agency’s expectations that profitability in Snton's core businesses will remain stable while its net leverage will remain moderate.

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