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Prospect News home > News index > List of issuers C > Headlines for China Railway Resources Huitung Ltd. > News item |
Fitch assigns China Railway notes BBB+
Fitch Ratings said it published China Railway Group Ltd.'s long-term issuer default rating of BBB+ and senior unsecured rating of BBB+.
The outlook is stable.
Fitch also said it assigned an expected BBB+ rating to the proposed dollar-denominated notes. The notes are to be issued by China Railway Resources Huitung Ltd. and unconditionally and irrevocably guaranteed by China Railway.
The final rating on the proposed notes is contingent upon the receipt of documents conforming to information already received.
The proceeds from the issue will mainly be used for investments in certain overseas operations.
Fitch said it notched the ratings to reflect the company's strong operational and strategic ties with the Chinese government through its 56.1% parent, China Railway Engineering Corp., which is 100% owned by the state-owned Assets Supervision and Administration Commission.
The stable outlook reflects an expectation of continued state support, the agency said.
The company is a pivotal strategic vehicle for China's rail transport development plans and a policy tool frequently used in China's foreign policy, Fitch added.
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