Fitch rates Shangcheng Urban notes BBB

Fitch Ratings said it assigned Hangzhou Shangcheng District Urban Construction Investment Group Co. Ltd.'s planned U.S. dollar senior unsecured bonds a BBB rating. Wholly owned subsidiary Zhejiang Boxin (BVI) Ltd. will issue the notes.

The rating matches the rating on Zhejiang Boxin’s $325 million of 5.9% notes due June 11.

The proceeds will be used for refinancing debt, project construction and general corporate purposes.

The outlook is stable.

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