Fitch rates Chengtong Hong Kong, notes BBB+

Fitch said it assigned BBB+ ratings to China Chengtong Hong Kong Co. Ltd. and its proposed U.S.-dollar notes. The notes will be issued by Ccthk 2021 Ltd., a limited liability company incorporated in the British Virgin Islands and a wholly owned subsidiary of Ccthk.

The issuer is the core offshore investment and financing platform of China Chengtong Holdings Group Ltd. (CCT Group), which is wholly owned and supervised by the State-owned Assets Supervision and Administration Commission of the State Council.

“The notes are rated at the same level as Ccthk, which will provide an unconditional and irrevocable guarantee. The guarantee will constitute Ccthk's direct, general and unconditional obligations and will at all times rank at least pari passu with all its other present and future unsecured obligations. CCT Group will also provide the proposed notes with a keepwell and liquidity support deed and deed of equity interest purchase undertaking,” Fitch said in a press release.

The proceeds will be used for general corporate purposes, working capital and repaying debt.

The outlook is stable.

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