Fitch gives Ningbo Haishu bond BBB

Fitch Ratings said it assigned Ningbo Haishu Development and Construction Investment Group Co., Ltd.'s planned guaranteed bonds a BBB rating. The bonds will be issued by Heng Yuan International Co. Ltd., NHDG's indirect wholly owned subsidiary, and will be guaranteed by NHDG.

“The proposed bonds are rated at the same level as NHDG 's IDR because the direct guarantee structure transfers the ultimate responsibility of payment to NHDG,” Fitch said in a press release.

The proceeds will be used for project construction and general working capital.

The outlook is stable.

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