Fitch rates Xinjiang Financial notes BB+

Fitch Ratings said it assigned Xinjiang Financial Investment Co., Ltd.'s planned U.S.-dollar notes a BB+ rating.

“The proposed notes are rated at the same level as Xinjiang Financial's issuer default rating, as they will constitute Xinjiang Financial's direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other present and future unsecured and unsubordinated obligations,” Fitch said in a press release.

The proceeds will be used to refinance offshore debt.

The outlook is stable.

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