Fitch rates Qingdao West Coast Development notes BBB-

Fitch Ratings said it assigned an expected BBB- rating to Qingdao West Coast Development Group Co., Ltd.’s proposed dollar-denominated senior unsecured bonds.

The bonds will be issued by Qingdao’s wholly owned subsidiary, Xi Hai An 2019 Ltd., and will be guaranteed by QDWC. The bonds will rank pari passu with QDWC’s other unsecured and unsubordinated obligations, the agency said.

Proceeds will be used for financing domestic construction projects and refinancing offshore debt.

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