Fitch rates Xinjiang Financial notes BB+

Fitch Ratings said it assigned an expected rating of BB+ to Xinjiang Financial Investment Co., Ltd.'s proposed dollar-denominated senior unsecured notes.

The notes 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.

The proceeds will be used for refinancing certain existing indebtedness and general corporate purposes, the agency said.

The notes are rated at the same level as Xinjiang Financial's issuer default rating, Fitch said.

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