Fitch rates Zhangzhou notes BB+

Fitch Ratings said it rated Zhangzhou Transportation Development Group Co., Ltd.'s planned senior unsecured dollar-denominated notes BB+.

“The proposed notes are rated at the same level as ZTDG's long-term issuer default rating (IDR) because they will constitute its direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu with all its other present and future unsecured and unsubordinated obligations,” Fitch said in a press release.

ZTDG will use the proceeds will be used to refinance offshore indebtedness.

The outlook is stable.

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