Fitch rates Tianjin Binhai notes BBB+

Fitch Ratings said it assigned Tianjin Binhai New Area Construction and Investment Group Co., Ltd.'s (BBB+/negative) proposed senior unsecured dollar notes an expected rating of BBB+.

The proposed offshore bonds will be issued by Zhaobing Investment (BVI) Ltd., a wholly owned subsidiary of the company.

Tianjin Binhai will provide an unconditional and irrevocable guarantee to the proposed bonds.

The proposed offshore bonds are rated at the same level as Tianjin Binhai’s issuer default rating as they represent unsubordinated and unsecured obligations of the company, and rank at least pari passu with all of its other present and future unsecured obligations, the agency said.

The proceeds of the bonds will be used for refinancing existing debt obligations.

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