Fitch rates SND bonds BBB+

Fitch Ratings said it assigned Suzhou SND Group Co. Ltd.'s (SNDG) planned senior unsecured U.S. dollar bonds a BBB+ rating. The bonds will be issued by SNDG's offshore subsidiary, SND International (BVI) Co., Ltd.

“The proposed bonds are rated at the same level as SNDG, which will provide an unconditional and irrevocable guarantee,” Fitch said in a press release.

The proceeds will be used for refinancing debt and for working capital purposes.

The outlook is stable.

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