Fitch gives BBB to Hainan notes

Fitch Ratings said it gave a BBB rating to Hainan State Farms Investment Holdings Group Co., Ltd.'s planned U.S. dollar senior unsecured bonds. Subsidiary Hainan State Farms International Capital (HK) Co., Ltd. will issue the notes, which will be guaranteed by the parent.

The bonds are rated at the same level as Hainan State Farms Investment because it is guaranteeing the notes, the agency said.

The company will use the proceeds for refinancing offshore debt.

The outlook is stable.

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