Fitch rates Zhuhai Huafa bonds BBB

Fitch Ratings said it assigned a BBB rating to Zhuhai Huafa Group Co., Ltd.’s proposed senior unsecured dollar-denominated notes.

The proposed offshore notes will be issued by Huafa 2020 I Co. Ltd., an indirect, wholly owned subsidiary of Huafa.

The notes are rated at the same level as Huafa’s long-term foreign-currency issuer default rating. Huafa will guarantee the notes, which will rank at least equally with all its other unsecured and unsubordinated obligations., Fitch said.

Proceeds will be used for refinancing offshore debt and offshore business operations.

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