Fitch rates Kunming Urban Construction notes BB+

Fitch Ratings said it assigned a final BB+ rating to Kunming Municipal Urban Construction Investment & Development Co., Ltd.’s $300 million 5.8% notes due 2022.

The notes are being sold by the company and are rated at the same level as its issuer default rating. The notes will be direct, unconditional, unsubordinated and unsecured obligations of Kunming and will rank pari passu and with all other outstanding unsecured and unsubordinated obligations, Fitch said.

Proceeds will be used for domestic business development and debt refinancing.

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