Fitch gives Hefei Industry bonds BBB

Fitch Ratings said it assigned Hefei Industry Investment Holding (Group) Co., Ltd.'s planned dollar-denominated senior unsecured offshore bond a rating of BBB.

The proposed bonds will be issued by Xianjin Industry Investment Co. Ltd., an indirectly wholly owned subsidiary of Hefei. Hefei will guarantee the bonds, which will rank pari passu with all its other present and future unsecured and unsubordinated obligations. Fitch rates Hefei BBB.

Proceeds will be used to refinance offshore debt.

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