Fitch rates Envision Energy notes BBB-

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of BBB- to Envision Energy International Ltd.

The outlook is stable.

The agency also said it assigned a senior unsecured rating of BBB- and expected rating of BBB- to its proposed senior unsecured dollar-denominated notes.

The notes are rated at the same level as Envision Energy's senior unsecured rating because they constitute its direct and senior unsecured obligations, Fitch said.

The ratings are supported by Envision Energy's strong market position and technological leadership in China's wind turbine generator (WTG) market, which has led to higher margins than peers, near-term order book visibility and low leverage, the agency said.

The ratings are constrained by regulatory risks that may affect industry demand, the company's smaller operating scale and limited diversification compared with peers and continued high investments in wind farms that have led to negative free cash flow generation, Fitch said.

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