Fitch rates Bright Food Hong Kong notes BBB-

Fitch Ratings said it assigned a BBB- rating to Bright Food Hong Kong Ltd.'s $500 million 3% guaranteed notes.

Bright Food is indirectly wholly-owned by Bright Food and the notes will be unconditionally and irrevocably guaranteed by Bright Food.

The final rating is in line with the expected rating assigned May 6, Fitch said.

The ratings reflect the company's status as a government-owned food conglomerate, the agency said.

The ratings are uplifted to the current investment-grade level due to direct and indirect government support. This support offsets the company's weaker business profile as a loosely formed food conglomerate and a moderately high leverage of 4x when compared with global investment-grade rating food peers, Fitch said.

However, Bright Food has a substantial financial asset portfolio that can be monetized to reduce leverage, the agency said.

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