Fitch rates Mianyang Investment notes BB

Fitch Ratings said it assigned Mianyang Investment Holding (Group) Co., Ltd. long-term foreign- and local-currency issuer default ratings of BB. The outlook is stable.

Fitch also assigned the company’s proposed dollar senior bonds a BB expected rating.

“The proposed bonds will be MIHC's direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with all its other present and future unsecured and unsubordinated obligations,” the agency said in a news release.

“The proceeds will be used for repayment of debt and project investments in China.”

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