Fitch rates Zhengzhou Urban bond BBB+

Fitch Ratings said it assigned Zhengzhou Urban Construction Investment Group Co., Ltd.'s (ZUCI) planned senior unsecured bonds a BBB+ rating.

“The bonds are rated at the same level as ZUCI's issuer default rating (IDR), as they constitute its direct, general, unsubordinated, unconditional and unsecured obligations and will rank at least pari passu with all its other present and future unsecured and unsubordinated obligations,” Fitch said in a press release.

ZUCI will use the proceeds to fund the development and construction of its operational projects and refinance indebtedness.

The outlook is stable.

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