Fitch gives Nanjing Yangzi notes A-

Fitch Ratings said it assigned Nanjing Yangzi State-owned Assets Investment Group Co., Ltd.’s proposed senior unsecured dollar-denominated notes a rating of A-.

The offshore bonds will be issued by Xi Yang Overseas Ltd. (XYO), a wholly owned subsidiary of NYSI.

“The rating on the proposed senior unsecured notes is linked to Fitch’s internal credit assessment of XYO. The assessment factors in the strong linkage between NYSI and XYO, which is underpinned by the latter’s importance as the primary platform for NYSI’s offshore financing. NYSI has granted a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking to ensure XYO has sufficient assets and liquidity to meet its obligations of the notes,” Fitch said in a press release.

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