Fitch rates Guangxi bonds BBB

Fitch Ratings said it assigned Guangxi Communications Investment Group Co., Ltd.'s planned dollar-denominated senior unsecured bonds a BBB rating.

“The bonds are rated at the same level as GCI's long-term foreign-currency issuer default rating (IDR) because they constitute its direct, unconditional, unsubordinated and unsecured obligations and rank pari passu with all its other unsecured and unsubordinated obligations,” Fitch said in a press release.

The proceeds will be used to refinance GCI's offshore debt maturing in 2022.

The outlook is stable.

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