Fitch rates Gangtai nnotes B

Fitch Ratings said it assigned Gangtai Group Co., Ltd.'s (B/stable) proposed dollar-denominated senior unsecured notes an expected rating of B(EXP) with a recovery rating of RR4.

The notes are rated at the same level as Gangtai Group's senior unsecured rating because they constitute its direct and senior unsecured obligations.

Fitch said the ratings are supported by Gangtai’s diversified jewelry brand portfolio, expansion into other business segments and improving credit profile.

The ratings are constrained by limited access to the cash at Gangtai Holdings, a short history of operating in the financial investments and cultural and media segments, and the company's high leverage.

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