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Fitch rates Kunming Iron notes BBB
Fitch Ratings said it assigned a long-term issuer default rating and senior unsecured rating of BBB to Kunming Iron & Steel Holding Co., Ltd.
The outlook is stable.
Fitch also said it assigned an expected BBB rating to the proposed dollar-denominated senior notes to be issued by New Dian Group Pte. Ltd., a wholly owned subsidiary of Kunming Iron.
The notes are rated at the same level as Kunming's senior unsecured rating because they constitute its direct and senior unsecured obligations, Fitch explained.
Kunming is a state-owned enterprise owned by the Yunnan State-owned Assets Supervision and Administration Commission (Yunnan Sasac), so it is considered a government-related entity, the agency said.
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