Fitch rates Wuxi Industry Development notes BBB

Fitch Ratings said it assigned Wuxi Industry Development Group Co., Ltd.'s (BBB/stable) proposed U.S. dollar-denominated senior notes a rating of BBB.

The proposed notes will be issued by Si Fa Investment Ltd., an indirect wholly owned subsidiary of WIDG.

The proposed notes are rated at the same level as WIDG's issuer default ratings because WIDG provides an unconditional and irrevocable guarantee to the notes, Fitch said.

Proceeds will be used to refinance existing debt and replenish working capital.

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