Fitch rates Bluestar notes BBB+

Fitch Ratings said it assigned Bluestar Finance Holdings Ltd.'s proposed dollar-denominated senior notes, unconditionally and irrevocably guaranteed by China National Bluestar (Group) Co, Ltd. (BBB+/Rating Watch Positive), a BBB+(EXP)/RWP expected rating.

Bluestar Finance is a fully owned subsidiary of Bluestar.

Fitch said Bluestar's ratings reflect strong operational linkage with parent, China National Chemical Corp. (ChemChina), China's largest chemical company. Bluestar is 53.77%-owned by ChemChina, which in turn is wholly owned by the State-Owned Assets Supervision and Administration Commission of the State Council (Central SASAC).

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