Fitch assigns Shandong Guohui bond BBB+

Fitch Ratings said it assigned Shandong Guohui Investment Co., Ltd.’s proposed senior unsecured notes a rating of BBB+. The notes will be issued by Shandong Guohui’s 100%-owned subsidiary, Hanhui International Ltd.

Shandong Guohui-owned Guotai Leasing Ltd. Co. will guarantee the notes. The proposed notes will be Guotai Leasing’s senior unsecured obligations and rank pari passu with all its other obligations.

“The proposed notes are rated at the same level as Shandong Guohui’s issuer default rating in light of the strong link between Guotai Leasing and Shandong Guohui and because a keepwell deed transfers the ultimate responsibility of payment to Shandong Guohui,” Fitch said in a press release.

Proceeds will be used for domestic and overseas business development and general corporate purposes.

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