Fitch rates Neijiang Investment bonds A

Fitch Ratings said it assigned Neijiang Investment Holding Group Co., Ltd.’s proposed dollar-denominated credit-enhanced bonds a rating of A.

“The rating reflects the credit enhancement through a standby letter of credit (SBLC) that will be provided to investors by Bank of China Ltd.’s (BOC; A/stable) Sichuan branch. The note is rated at the same level as BOC’s long-term issuer default rating (IDR) as the bank is bound by the agreements made by its branches and thus the transaction is considered a senior unsecured obligation of BOC,” S&P said in a press release.

The proceeds will be used for general corporate purposes.

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