Fitch: China Shenhua notes A+

Fitch Ratings said it assigned a final rating of A+ to China Shenhua Energy Co. Ltd.’s senior unsecured notes.

The dollar-denominated notes were issued in three tranches: $500 million 2½% notes due 2018; $500 million 3.125% notes due 2020; and $500 million 3 7/8% notes due 2025.

The notes were issued by China Shenhua Overseas Capital Co. Ltd., a wholly owned subsidiary of Shenhua Hong Kong Ltd.

The notes are guaranteed by Shenhua Hong Kong and supported by deeds and liquidity support, Fitch said.

The notes are rated at the same level as Shenhua Hong Kong’s senior unsecured rating of A+ based on a view that the deeds signal the parent company’s strong intention to ensure the obligations are honored, the agency said.

The company’s standalone credit profile rating of A reflects its robust operating profile underpinned by a unique integrated business model with high quality assets, favorable regulations and a conservative financial profile, which mitigate its country and industry concentration risks, Fitch said.

© 2015 Prospect News.
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