Fitch gives Ningbo Yincheng bonds BBB

Fitch Ratings said it gave Ningbo Yincheng Group Co., Ltd.'s planned dollar-denominated bonds a BBB rating.

“The proposed bonds will constitute the issuer's direct, unconditional, unsubordinated and unsecured obligations and will at all times rank pari passu and without any preference among themselves, and at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations. As a result, Fitch equalizes the rating of the proposed bonds with Ningbo Yincheng's issuer default rating (IDR),” the agency said in a press release.

The proceeds will be used for the onshore indebtedness refinancing and liquidity replenishment.

The outlook is stable.

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