Fitch rates Shangrao notes BBB-

Fitch said it assigned a BBB- rating to Shangrao Investment Holding Group Co., Ltd.’s proposed dollar-denominated senior unsecured notes. The notes will be sold by its wholly owned subsidiary, Shangrao Investment Holdings International Company Ltd.

“The notes are rated at the same level as SIHG’s issuer default rating as they will constitute SIHG’s direct, unconditional, unsubordinated and unsecured obligations and will rank pari passu with its other present and future unsecured and unsubordinated obligations,” said Fitch in a press release.

The proceeds will be used to finance existing projects, repay bank borrowings and for general corporate purposes.

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