Fitch rates BAIC Motor notes BBB+

Fitch Ratings said it assigned BAIC Motor Corp. Ltd.’s proposed U.S.-dollar senior unsecured notes a rating of BBB+.

The notes will be issued by BAIC Motor’s subsidiary BAIC Finance Investment Co., Ltd., and will be guaranteed by the parent. “The proposed notes are rated at the same level as BAIC Motor’s senior unsecured rating, as they will constitute its direct and senior unsecured obligations,” Fitch said in a press release.

The company intends to use the proceeds for refinancing debt and replenishing working capital.

The outlook is stable.

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