Fitch rates Lianyungang Port BBB

Fitch said it assigned Lianyungang Port Group Co., Ltd. a long-term issuer default rating of BBB.

“The rating is equalized with Fitch's internal assessment of Lianyungang Municipality's creditworthiness in accordance with Fitch's government-related entities rating criteria, reflecting its strong linkage to the municipal government,” the agency said in a press release.

In 2019, Lianyungang sold $400 million of 4.1% bonds due in September through Shanhai (Hong Kong) International Investments Ltd. S&P rates the notes BBB-.

The outlook is stable.

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