Fitch gives China Grand Auto notes BB-

Fitch Ratings said it assigned China Grand Automotive Services Ltd.'s proposed dollar senior notes a BB- expected rating.

The issuer is wholly owned by China Grand Automotive Services Group Co., Ltd. (BB-/stable), which will unconditionally and irrevocably guarantee the securities.

“The notes are rated at the same level as CGA's senior unsecured rating as they constitute its direct and senior unsecured obligations,” the agency said in a news release.

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