Fitch rates China Great Wall notes A-, BBB+

Fitch Ratings said it assigned China Great Wall AMC (International) Holdings Co. Ltd. long-term foreign- and local-currency issuer default ratings of A-. The outlook is stable.

Fitch also assigned Great Wall’s proposed dollar senior notes an expected rating of A- and its proposed issue of dollar senior guaranteed perpetual securities an expected rating of BBB+.

Both securities will be issued by China Great Wall International Holdings IV Ltd.

The debt will be unconditionally and irrevocably guaranteed by Great Wall.

The proceeds of the bonds issued under both structures will be used for refinancing the existing debt obligations of Great Wall.

“China Great Wall is one of the country's big four distressed-asset management companies. It plays an important role in safeguarding the stability of the country's financial system, and promoting the reform of state-owned enterprises,” the agency said in a news release.

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