Fitch rates Hangzhou notes BBB-

Fitch Ratings said it assigned Hangzhou Shangcheng District Urban Construction & Comprehensive Development Co., Ltd.'s (HSUC) planned dollar-denominated senior notes a rating of BBB-. The company was previously known as Hangzhou Jianggan District Urban Construction & Comprehensive Development Co., Ltd.

HSUC's wholly owned subsidiary, Zhejiang Baron (BVI) Co. Ltd. will issue the notes that will be guaranteed by HSUC.

“The proposed bonds are rated at the same level as HSUC's issuer default rating because the direct guarantee structure transfers the ultimate responsibility of payment to HSUC,” Fitch said in a press release.

The proceeds will be used for general corporate purposes and refinancing.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.