Fitch assigns Bluestar securities BBB

Fitch Ratings said it assigned a rating of BBB to Bluestar Finance Holdings Ltd.’s proposed subordinated guaranteed perpetual securities, which will be guaranteed by Bluestar Finance’s parent, China National Bluestar (Group) Co, Ltd.

The rating on the securities, at two notches below China National Bluestar’s A- issuer rating reflects their highly subordinated nature as the securities rank pari passu with all other perpetual securities issued to the senior creditors of both the issuer and guarantor before and after bankruptcy, Fitch said.

The securities do not qualify for equity credit.

Proceeds will be used for debt refinancing, working capital and general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.