Fitch rates Jiangbei notes BBB

Fitch Ratings said it assigned Nanjing Jiangbei New Area Industrial Investment Group's proposed dollar-denominated senior unsecured notes a BBB rating. The notes will be issued by Industrial Investment Overseas Ltd., a wholly owned subsidiary of Jiangbei Investment. Jiangbei Investment is a core platform in China’s Jiangbei New Area of Nanjing Municipality.

“The rating on the proposed senior unsecured bonds is linked to Fitch's internal credit assessment of IIOL, based on our parent and subsidiary linkage rating criteria. The assessment factors in the strong linkage between Jiangbei Investment and IIOL, which is underpinned by the latter's importance as the core platform for Jiangbei Investment's offshore financing,” the agency said in a press release.

Jiangbei Investment will provide the notes a keepwell and liquidity support deed and deed of equity interest purchase undertaking.

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

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